The HSBC India Services PMI, seasonally adjusted, hit 58.5 in January, up from December’s 58.0, indicating faster growth in new business intakes and output. Service providers in India saw growth recovery in January, expressing optimism about the future and increasing their workforce. The report highlighted that demand, new business acquisitions, and technology investments were the key drivers of output growth.
India’s services PMI for January rose to 58.5, showing a sustained sector momentum, with new orders flowing steadily, including increased demand from South and Southeast Asia. Business confidence reached a three-month peak, driven by efficiency improvements, effective marketing strategies, and the addition of new clients. Despite rising input and output prices, the overall increase remained modest compared to historical standards.
Survey participants noted new business growth from various countries, leading to increased hiring by service providers in India. Finance and Insurance sectors led in output and new orders growth, despite experiencing slowdowns since December. The data revealed that while domestic markets were the primary source of new business, international orders also saw a solid rise, with the most significant expansion in three months.
