April services activity hits near 13-year high as inflation accelerates

Growth in India’s dominant services sector quickened in April as demand helped the fastest increases in new business and output in nearly 13 years, said a private survey on Wednesday.

The headline figure in the Purchasing Managers' Index (PMI) survey by credit rating agency S&P Global rose to its highest level of 62 in April, since June 2010. It was 57.8 in March.

A print above 50 in the survey denotes expansion of services activity and below that suggests contraction.

The headline figure has been in the expansion zone for 22 months straight since August 2021.

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