India's service sector growth accelerates amid firm trend in new orders

India's service sector growth hit 10-month high in June amid faster rises in output and new orders, final data compiled by S&P Global showed today. The seasonally adjusted HSBC India Services PMI rose to 60.4 in June from 58.8 in May. The flash score was 60.7. A score above 50.0 indicates expansion. Data showed that both output and new orders grew at the fastest rates since August last year, supported by another strong expansion in international sales and job creation. Export demand particularly improved from the Asian, Middle Eastern, and US markets. Indian service sector companies faced a mild intensification of capacity pressures in June as outstanding business volumes rose faster compared to the previous month. The composite output index jumped to 61.0 in June from 59.3 in May, indicating the fastest rate of expansion in the Indian private sector in fourteen months.

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