NEW DELHI: The searing heatwave sweeping some parts of the country halted service sector expansion, which dipped to a five-month low, but growth remained robust in May as export orders rose at their fastest pace since 2014, a survey showed on Tuesday.
The HSBC India Services Business Activity Index remained comfortably above the neutral mark of 50 in May, highlighting a sharp upturn in output.However, it slowed from 60.8 in April to 60.2, its lowest mark since last Dec. Growth was supported by rising sales, productivity gains and demand strength. The upturn was somewhat hampered by competition and price pressures, the survey showed.
The survey is compiled from responses to questionnaires sent to 400 service sector companies. The key services sector has seen rapid expansion since the lifting of Covid curbs as demand has soared.
New export orders rose sharply and survey participants noted strong growth in demand from Asia, Africa, Europe, the Middle East and the US. Employment in the sector rose markedly to the greatest extent since Aug 2022. Companies reported hiring of junior and mid-level workers in May.
The HSBC India Services Business Activity Index remained comfortably above the neutral mark of 50 in May, highlighting a sharp upturn in output.However, it slowed from 60.8 in April to 60.2, its lowest mark since last Dec. Growth was supported by rising sales, productivity gains and demand strength. The upturn was somewhat hampered by competition and price pressures, the survey showed.
The survey is compiled from responses to questionnaires sent to 400 service sector companies. The key services sector has seen rapid expansion since the lifting of Covid curbs as demand has soared.
New export orders rose sharply and survey participants noted strong growth in demand from Asia, Africa, Europe, the Middle East and the US. Employment in the sector rose markedly to the greatest extent since Aug 2022. Companies reported hiring of junior and mid-level workers in May.
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