Improving sales performance lifts growth of India business activity to a three-month high

India?s service economy ended the second fiscal quarter on a stronger footing than it started, as improving sales performance lifted growth of business activity to a three-month high. The expansion was marked, with firms particularly commenting on increased demand for digital solutions, food, insurance, loans, software, transportation, tours and travel. Positive demand trends also supported another rise in employment, although job creation eased from August. Meanwhile, inflationary pressures receded. The seasonally adjusted HSBC India Services PMI Business Activity Index was up from 54.1 in August to 55.2 in September, signalling the strongest upturn since June but failing to lift the quarterly average above that seen in the previous period. In fact, growth over the second fiscal quarter was the weakest since the three months to March 2022

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