India services PMI rises to 51.6 in September

07 Oct 2014 Evaluate

The activity in Indian services sector, which accounts for around 60% of country’s GDP, expanded in September as order books filled up at a faster rate. The HSBC services Purchasing Managers’ Index (PMI), based on the survey of around 350 private service sector companies, rose from 50.6 in August to 51.6 in the month of September, above 50 mark indicating a fifth consecutive monthly expansion in service sector output. Among the six monitored sub-sectors, the business activity rose in three sub-sectors with the sharpest expansion witnessed in post and telecommunication services. Indicating expansion in business activity overall, the HSBC India Composite Output Index, which measures activity in both the manufacturing and services sector, increased to 51.8 in September from 51.6 in August.

Services providers attributed expansion in output to increase in new businesses amid strengthening demand. The new business sub-index climbed to 52.4 in September from 51.9, signaling robust demand. Employment across the private sector also rose for the first time since June; however the rate of hiring was fractional overall. Amid rising demand and fractional increase in employment level, backlogs of work held by Indian services companies continued to grow in September, extending the current sequence of accumulation to six months. On inflation front, the HSBC survey indicated that inflationary pressures from inputs for services firms eased in September. Accordingly, services providers slightly increased output prices and the rate of charge inflation was below the historically inflation trend. Meanwhile, Indian services companies maintained their positive outlook for output growth over the next 12 months on the back of supportive factors such as anticipated improvements in demand and new marketing initiatives.

Further, the survey highlighted that employment level rose and inflation fell significantly in September, however, business sentiment continue to deteriorate in services sector after a strong post-election uptick. Therefore, there is a need for more reforms to put growth on a firm track and address supply side risks to inflation.

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India services PMI rises to 51.6 in September

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