Summary:

India's services sector recovered in October, with growth picking up after a 10-month low in September, boosted by rising demand. According to a private business survey conducted by HSBC and S&P Global, the Purchasing Managers' Index (PMI) increased to 58.5 in October from 57.7 in September, marking 39 consecutive months of expansion. The survey found robust local and foreign demand, as well as increased export sales from clients in various regions.

The services sector also saw increased job creation, with employers hiring at the highest rate in over two years. Around 13% of respondents reported job creation, up from 9% in September, driven by strong business growth. However, input costs increased more rapidly, due to rising labor and food expenses passed on to customers. Despite this, inflation remained lower than the long-term average. Consumer services faced the greatest cost pressures. HSBC's Pranjul Bhandari reported strong output, consumer demand, and positive business sentiment.

Source: IBEF 

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