Services activity rises to 10-month high
The HSBC India Services
Business
Activity Index was 58.8 in May and 60.5 in June 2024.
Services companies ended the first quarter of this fiscal year on a strong footing, with an average
Purchasing Managers' Index
(PMI) reading of 59.3. However, it was lower than 60.5 recorded in the same quarter last year.
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Companies attributed the rise to positive demand trends and continued sales improvement.
"Services PMI business activity index was up to a 10-month high, led by a sharp rise in new domestic orders," said Pranjul Bhandari, chief India economist at HSBC.
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While services companies remained optimistic about the future growth, with 18% forecasting expansion, the share of upbeat firms was the lowest since mid-2022.
"Service providers remained optimistic about future growth, though their confidence faded a tad," said Bhandari.
June saw the fastest growth in new orders since August 2024. "Services companies benefited most from the continued strength of the domestic market, alongside a marked increase in new export business," the survey said.
Across sectors,
finance
&
insurance
recorded the highest growth. The slowest expansion, for both output and new orders, were in real estate and business services.
International demand also improved, especially from Asia, the Middle East and the US, according to survey respondents.
"New export orders also expanded, albeit at a softer pace," noted Bhandari.
Growth in the services sector boosted hiring, with employment rising for the 37th month in June.
Input cost
inflation
fell to a 10-month low in June. Where expenses increased, panellists cited greater staff salaries and wages.
"Several service providers noted that they had maintained sufficient pricing power to pass on higher costs to clients," the survey said.
Although charge inflation eased from May, it remained above the long-term trend. Among sectors, cost pressures were strongest in the consumer services category. In output charges, the fastest upturn was noted in finance & insurance.
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