Service Sector PMI: India’s service sector activities are at their highest level since April 2011. A monthly survey reported that this improvement was due to the improvement in demand conditions, despite rising costs. The seasonally adjusted S&P Global India Services PMI business activity index rose from 58.9 in May to 59.2 in June. This is the highest level since April 2011.
Increase in production for the 11th consecutive month in the service sector
The service sector saw an increase in production for the 11th consecutive month. Poliana de Lima, joint director at S&P Global Market Intelligence, said demand for services saw the biggest improvement since February 2011 and was strengthened by expansion in economic activity. He said that a significant increase in activities is expected in the next month as well.
Manufacturing index had come down
Manufacturing activities have been slow in the month of June in the Manufacturing Index (PMI) data that came on July 1. In the month of June, it has come down to 53.9. At the same time, in the previous month i.e. in May, this index was 54.6. This figure was released according to the information given by S&P Global India.
What is the meaning of service PMI
In Purchasing Managers Index (PMI) parlance, a score greater than 50 means that activity is expanding, while a score below 50 indicates contraction. There has been an improvement in the activities of the service sector due to the increase in business activities in the country and due to the renewed increase in employment.