India Services Growth Strongest In 10 Months

(RTTNews) - India's service sector growth accelerated to a nearly 1-year high in June amid faster rises in output and new orders, final data compiled by S&P Global showed on Thursday.

The seasonally adjusted HSBC India Services PMI rose to 60.4 in June from 58.8 in May. The flash score was 60.7. A score above 50.0 indicates expansion.

The survey revealed that both output and new orders grew at the fastest rates since August last year, supported by another strong expansion in international sales and job creation. Export demand particularly improved from the Asian, Middle Eastern, and US markets.

On the price front, input price inflation eased to a ten-month low, and output price inflation also moderated since May, though it remained above the series trend.

Indian service sector companies faced a mild intensification of capacity pressures in June as outstanding business volumes rose faster compared to the previous month.

The composite output index also climbed to 61.0 in June from 59.3 in May, indicating the fastest rate of expansion in the Indian private sector in fourteen months. Growth quickened atboth manufacturers and service providers.