Summary:

India’s Services PMI for December 2024 increased to 59.3 from 58.4, indicating growth in the services sector. This rise was driven by high demand, fueling new business and output growth, prompting companies to expand their workforce. The financial and insurance sectors experienced the greatest growth in orders and business activity. The HSBC India Services PMI, calculated by S&P Global, showed the highest rise in four months, with new orders growing for 41 consecutive months.

Cost pressures eased in December 2024, despite increased spending on food, labor, and materials. Selling price inflation eased but remained above average. Consumer services experienced the highest cost pressures, particularly in transportation, information, and communication. The reduction in input cost inflation improved business sentiment, which boosted GDP. However, backlog volumes hit a seven-month high. International orders increased slowly. India's manufacturing PMI dropped to 56.4, while the composite index rose to 59.2.

Source: IBEF

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