Strong demand revives India services PMI in October

BENGALURU, Nov 06 (Reuters): Growth in India's dominant services industry picked up last month after dipping to a 10-month low rate in September amid a marked expansion in demand, according to a business survey that also showed the sector's workforce increased sharply.

That signaled a relatively strong start for Asia's third-largest economy in 2024's final quarter and supports Reuters poll forecasts for 7.0 per cent growth this quarter after 6.8 per cent last quarter.

Services accounted for about 55 per cent of gross domestic product (GDP) in fiscal year 2023-24, government data showed. The HSBC final India Services Purchasing Managers' Index, compiled by S&P Global, rose to 58.5 in October from September's 57.7, exceeding a preliminary estimate of 57.9.