India's Services Sector Activity Hits 5-month High In Aug On Uptick In New Work Orders

India’s services sector activity growth touched a five-month high in August on stronger rise in new work orders, while payroll numbers rose solidly as companies remained upbeat regarding the economic outlook, a monthly survey said on Wednesday.

The seasonally adjusted HSBC India Services Business Activity Index rose from 60.3 in July to 60.9 in August, registering the fastest expansion since March and was largely supported by productivity gains and positive demand trends.

In the Purchasing Managers’ Index (PMI) parlance, a print above 50 means expansion, while a score below 50 denotes contraction.