Service sector registers fastest growth in 7 months
5 Oct 2012 1:46 AM GMT
India's services sector expanded further in September registering the fastest pace of growth in seven months driven by firm demand and 'resilience' of the sector, an HSBC survey said.
The HSBC's Services Purchasing Managers Index [PMI] for September inched upwards to 55.8 from 55 in August. Since November 2011, the index has kept above the 50-mark which indicates expansion. 'Services sector activity grew at a faster clip in September led by firm demand, underscoring the resilience of the service sector,' HSBC chief economist for India and ASEAN Leif Eskesen said.During the month, the service sector saw new orders expanding at a sharp rate.
The HSBC's Services Purchasing Managers Index [PMI] for September inched upwards to 55.8 from 55 in August. Since November 2011, the index has kept above the 50-mark which indicates expansion. 'Services sector activity grew at a faster clip in September led by firm demand, underscoring the resilience of the service sector,' HSBC chief economist for India and ASEAN Leif Eskesen said.During the month, the service sector saw new orders expanding at a sharp rate.
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