According to the latest data released by HSBC, India's Services Purchasing Managers' Index (PMI) dipped slightly to 60.8 in April 2024, down from 61.2 in March. Despite the marginal decrease, the index still indicates robust expansion in the services sector, as any figure above 50 signifies growth. The data, updated on 6th May 2024, suggests that the Indian services industry continues to perform well, albeit at a slightly slower pace compared to the previous month.
The Services PMI is a key indicator of economic health as it measures the performance of the services sector, which accounts for a significant portion of India's GDP. The index provides insights into business conditions, new orders, employment trends, and overall economic activity within the sector. While the slight decline in April may raise some concerns, experts remain optimistic about the resilience of the Indian services industry amidst global economic uncertainties.
