<p>India's services sector expanded for the 13th consecutive month and saw a sharp upturn in August as new orders improved giving rise to the quickest rise in jobs in 14 years, showing S&P Global India Services PMI Business Activity Index.</p>.<p>It rose to 57.2 in August from 55.5 in July.</p>.<p>A print above 50 means expansion, while a score below 50 denotes contraction.</p>.<p>Transport, information and communication reported faster growth in new business volumes as well as output. Finance and insurance outperformed all other sub-sectors.</p>.<p><strong>Also Read | <a href="https://www.deccanherald.com/business/business-news/oil-prices-climb-more-than-1/bbl-ahead-of-opec-meeting-1142278.html">Oil prices climb more than $1/bbl ahead of OPEC+ meeting</a></strong></p>.<p>"Services activity rose strongly midway through the second fiscal quarter, with the pace of expansion recovering some of the ground lost in July. The pick-up in growth stemmed from a rebound in new business gains as firms continued to benefit from the lifting of Covid-19 restrictions and ongoing marketing efforts," Pollyanna De Lima, Economics Associate Director at S&P Global Market Intelligence said.</p>.<p>"With demand showing considerable resilience, service providers maintained a degree of pricing power and lifted selling prices...," Lima said.</p>.<p>Composite PMI Index too rose from 56.6 in July to 58.2 in August, indicating a sharp pace of expansion. Aggregate output growth in India recovered from July's slowdown as both manufacturers and service providers noted quicker rates of increase in August.</p>.<p>The encouraging PMI numbers came on the back of a 13.5% growth in India's economy in the first quarter (April-Jun) of the current financial year 2022-23, which also showed a steady improvement in the services sector.</p>
<p>India's services sector expanded for the 13th consecutive month and saw a sharp upturn in August as new orders improved giving rise to the quickest rise in jobs in 14 years, showing S&P Global India Services PMI Business Activity Index.</p>.<p>It rose to 57.2 in August from 55.5 in July.</p>.<p>A print above 50 means expansion, while a score below 50 denotes contraction.</p>.<p>Transport, information and communication reported faster growth in new business volumes as well as output. Finance and insurance outperformed all other sub-sectors.</p>.<p><strong>Also Read | <a href="https://www.deccanherald.com/business/business-news/oil-prices-climb-more-than-1/bbl-ahead-of-opec-meeting-1142278.html">Oil prices climb more than $1/bbl ahead of OPEC+ meeting</a></strong></p>.<p>"Services activity rose strongly midway through the second fiscal quarter, with the pace of expansion recovering some of the ground lost in July. The pick-up in growth stemmed from a rebound in new business gains as firms continued to benefit from the lifting of Covid-19 restrictions and ongoing marketing efforts," Pollyanna De Lima, Economics Associate Director at S&P Global Market Intelligence said.</p>.<p>"With demand showing considerable resilience, service providers maintained a degree of pricing power and lifted selling prices...," Lima said.</p>.<p>Composite PMI Index too rose from 56.6 in July to 58.2 in August, indicating a sharp pace of expansion. Aggregate output growth in India recovered from July's slowdown as both manufacturers and service providers noted quicker rates of increase in August.</p>.<p>The encouraging PMI numbers came on the back of a 13.5% growth in India's economy in the first quarter (April-Jun) of the current financial year 2022-23, which also showed a steady improvement in the services sector.</p>
