Economy
India's services sector picks up speed in October
The HSBC India Services PMI rose to 55.8, showing faster growth in businesses like IT, banking, travel and retail.
In short
55.8Services PMI in October (55.2 in September)
- Services PMI: 55.8 (Oct)
- Up from 55.2 (Sep)
- Above 50 = growth
What happened
The HSBC India Services PMI — a monthly survey of purchasing managers — rose to 55.8 in October from 55.2 in September. Any reading above 50 means the sector is growing.
Why it matters
Services make up more than half of India's economy. A stronger reading during the festive month suggests demand is holding up even as some other numbers look softer. Other data this week was mixed: railway freight hit a record in October, while FMCG sales growth slowed.
Read the original reporting
India IPO daily report↗
