Services sector activity at 15-year high: Survey

NEW DELHI: Activity in the country's key services sector rose to a 15-year high as new orders and output surged, exports soared, and business confidence rose to a five-month high, a survey showed on Wednesday.

The HSBC India Services PMI Business Activity Index increased from 60.5 in July to 62.9 in Aug-the steepest expansion rate since June 2010. Demand buoyancy, efficiency gains, and greater inflows of new business were some of the reasons firms gave for the upturn. The 50-point mark separates expansion from contraction in the survey, which is based on responses of questionnaire sent to 400 services-sector companies. More than thrice as many service providers reported growth (37%) as those that observed a decline (11%), results showed.