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The service sector in India has maintained its rapid expansion throughout April, demonstrated by an intense surge in sales and output - some of the highest growth observed in the past fourteen years. This data was revealed in a preliminary survey conducted by S&P Global.
Despite a slight decline from 61.2 in March to 60.8 in April, the HSBC services purchasing managers' index still signaled growth in the sector, as any score over 50 indicates expansion.
The survey accredited this continued boost in output to favorable economic conditions, strong demand, and an influx of new work. Among the four categories measured, the finance and insurance sectors experienced the most significant growth.
New orders dramatically increased in April, well surpassing their long-term average and rivaling the strongest growth seen over the past fourteen years. The rise in demand for new exports was the second-highest in the near-decade-long survey history, achieved through securing new clients from Asia, Africa, Europe, the Americas, and the Middle East.
In terms of pricing, input costs continued to go up in April, even though inflation eased slightly compared to March. Meanwhile, the rate of inflation for selling prices eased from March's near-seven-year record, aligning closely with historical trends.
Personnel numbers at Indian service companies saw a minor increase in April, indicating that current staffing levels met the industry's needs.
Looking forward, service providers expressed growing confidence about their business activity over the next year, reaching a three-month high. These optimistic expectations are fueled by belief in enduring favorable demand due to marketing initiatives and efficiency improvements, along with plans to outperform in pricing.
The composite output index for April was 61.5, a slight decrease from 61.8 in March; however, it still represents a widespread expansion of the Indian private sector that ranks among the most significant seen in almost fourteen years.