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India's service sector logged a faster growth in April driven by a quicker increase in new order inflows, final survey results from S&P Global revealed Tuesday. The services Purchasing Managers' Index reached 58.7 in April, up from 58.5 in the previous month. But it was below the preliminary estimate of 59.1.
The overall output growth was fueled by a notable rise in new business intake, which was the joint-best in eight months. New export orders expanded the most since July 2024.
Services companies raised their workforce numbers for the thirty-fifth consecutive month in April. Moreover, the pace of job creation was faster than in March. Despite the rise in staffing levels, firms reported another growth in unfinished work.
On the price front, the survey showed that input prices grew at the slowest pace in six months. But firms raised their charges to transfer cost burdens to client and the rate of inflation was faster than in March. Although service providers expressed optimism regarding activity growth, business confidence hit its lowest in close to two years in April.
As there were quicker increases at both goods producers and service providers, the HSBC composite output index rose to 59.7 in April from 59.5 in the previous month. The flash score was 60.0.
