New Delhi: The services sector growth rate in the country surged in last month. The PMI Business Activity Index released by S&P Global India Services touched a 13-year high in July.
Purchasing Managers’ Index (PMI) Business Activity Index rose from 58.5 in June to 62.3 in July. This is the sharpest increase in output since June 2010. For the 24th straight month, the headline figure was above the neutral 50 threshold. In Purchasing Managers’ Index (PMI) parlance, a print above 50 means expansion while a score below 50 denotes contraction.
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The S&P Global India Services PMI is compiled by S&P Global from responses to questionnaires sent to a panel of around 400 service sector companies. The panel is stratified by detailed sector and company workforce size, based on contributions to GDP.
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