NEW DELHI: India’s services sector activity remained steady in September, with the HSBC India Services Purchasing Managers’ Index (PMI) standing at 60.9, according to data released by S&P Global on Monday.
Pranjul Bhandari, Chief India Economist at HSBC, said business activity in the services sector remained strong even though it was slightly lower than the recent high seen in August.
“Most trackers moderated, but nothing in the survey suggested there is a big loss in growth momentum in services, ” she said.
“Instead, the Future Activity Index rose to its highest level since March, indicating strengthening optimism among services companies about business prospects, ” she added.
The PMI reading signalled continued stability in India’s services economy, supported by firm demand, new business activity, and a positive outlook among companies.
The sector has remained one of the key contributors to India’s overall economic performance this year.
Meanwhile, India’s manufacturing sector also maintained its growth momentum in September, though at a slower pace.
The HSBC India Manufacturing PMI stood at 57.7, down from 59.3 in August, marking the weakest improvement in sector health since May.