Mumbai: India’s service sector activities surged to a five-month high in August. The Services Purchasing Managers’ Index (PMI) rose to 60.9 in August from 60.3 in July. The Services Purchasing Managers’ Index (PMI) compiled by S&P Global revealed this.
The HSBC Global India Services PMI is compiled from responses to questionnaires sent to about 400 service sector companies. The PMI data is an indicator of the health of the economy. It serves as a crucial economic health indicator. India’s services sector is one of the fastest growing in the world. It contributes to over 50% of India’s GDP.
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Meanwhile, the Manufacturing Purchasing Managers Index (PMI), compiled by S&P Global eased to a three-month low in August. It was at at 57.5 in August. The improvement in services has kept the overall composite PMI unchanged from July’s 60.7.
The PMI is a weighted average of the five indices, namely New Orders (30%), Output (25%), Employment (20%), Suppliers’ Delivery Times (15%), and Stocks of Purchases (10%). The index is compiled by S&P Global from responses to questionnaires sent to purchasing managers in a panel of around 400 manufacturers.
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