New business and output from India’s services sector grew at the fastest pace in five months in April, even as selling prices surged at the sharpest rate since July 2017 amid a near-record upturn in input costs, as per the S&P Global India Services PMI, which increased from 53.6 in March to 57.9 in April.
Inflation concerns continued to dampen business confidence, even as employment increased for the first time in five months, as per the survey-based index. A reading of 50 on the PMI signals no change in business activity.
“International demand for Indian services worsened in April, a trend that has been recorded in each month since the onset of COVID-19 in March 2020. New orders from abroad fell at a marked pace that was the quickest since September 2021,” S&P Global said.
