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6 April 2023: India’s services  PMI slows to 57.8 in March after a 12-year high in February.

What is new?

After the expansion reached a 12-year high in February, the growth in India’s services sector slowed in March to 57.8 from 59.4 in February.

What is PMI?

PMI, or the Purchasing Manager’s Index, is an indicator of business activities both in the manufacturing and service sectors. It is a survey-based measure that asked the respondents about changes in their perception of some key business variables from the month before. It is calculated separately for the manufacturing and services sectors, and then a composite index is constructed.

The outcome of the survey report:

  1. For the 20th month in a row, the S&P Global India Services PMI Business Activity Index was above 50, which means that business activity was up.
  2. If the number is above 50, it means that service activities are growing overall. If the number is below 50, it means that service activities are falling overall.
  3. Nearly 98% of the people who took the survey didn’t change their payroll numbers because they had enough workers to meet current needs.
  4. The employment rise was just seen in a fraction of the services sector in March, according to the PMI survey.
  5. The seasonally adjusted S&P Global India Manufacturing Purchasing Manager’s Index went up from 55.3 in February to 56.4 in March. This shows that business conditions have improved the most so far in FY23.

Sources: The Indian Express and The Economic Times

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