New Delhi, Nov 6
India’s services Purchasing Managers' Index (PMI) stood at 58.9 in October as data still showed substantial, expansions in services output and new business, the data showed on Thursday.
The seasonally adjusted HSBC India Services PMI Business Activity Index was comfortably above both the neutral mark of 50.0 and its long-run average of 54.3.
While factors like demand buoyancy and GST (Goods and Services Tax) relief reportedly led to an improvement in operating conditions, competition and heavy rains constrained growth, the data showed.
Still, companies were strongly confident of a rise in business activity over the course of the coming 12 months, it added.
“The services PMI is still running well above the neutral level of 50.0 and its long-run average. Input costs notably increased at the slowest rate in 14 months, which provided some relief for firms,” said Pranjul Bhandari, Chief India Economist at HSBC.