Services activity reach a 5-month high in April

Firms that hired more employees linked the rise in the Purchasing Managers’ Index (PMI) points to the ongoing growth of their new business segments

May 6, 2022

The PMI for services rose to 57.9 points in April from 53.6 points in March ‘22

Companies recorded the fastest growth in sales and business activity since November ‘21

A greater expansion in private sector output across India was aided by faster gains in manufacturing and services activities

The relaxation of Covid-19 constraints resulted in increased consumer traffic and overall growth in demand: Survey

Activities in India’s services sector reached a five-month high in April 2022, according to a survey by The S&P Global PMI. This signaled a strong rebound in orders as pandemic-related interruptions in Asia’s third-largest economy receded.

The PMI for services rose to 57.9 points in April from 53.6 points in March, as companies recorded the fastest growth in sales and business activity since November ‘21. In April, new business inflows increased even further, bringing the current growth streak to nine months. According to the survey’s respondents, the relaxation of Covid-19 constraints resulted in increased consumer traffic and overall growth in demand.

Hiring by companies also resumed in April, as seen by an increase in employment – the first since November ‘21. Those firms that hired more employees, linked the rise in PMI points to the ongoing growth of their new business segments, according to the survey.

A greater expansion in private sector output across India was aided by faster gains in manufacturing and services activities. Consumer services, finance, and insurance were the best-performing subsectors in April, with a significant increase in new orders and business activity over March.

Recent Articles

Oman sees rising tourism ties with India as a key growth area

January 9, 2025

Oman remains a cornerstone of India’s West Asia policy and …

Read More

Diaspora vital to India’s vision of a global workforce: EAM Jaishankar

January 9, 2025

External Affairs Minister S Jaishankar, addressing the Pravasi Bharatiya Divas …

Read More

Government to launch new credit guarantee scheme for MSMEs

January 9, 2025

The government is set to introduce a new credit guarantee …

Read More