India’s private sector experienced significant growth in May, with the third strongest surge in 14 years, driven by a notable acceleration in the services sector. HSBC’s survey revealed a composite PMI of 61.7, indicating sustained growth in manufacturing and services for 34 consecutive months. While manufacturing growth slowed slightly, services saw robust activity. New export orders reached their highest levels since 2014, boosting optimism. However, higher input costs led to margin pressures. Job creation soared, with the steepest rise since 2006, driven by strong new orders.
India’s Private Sector Activity Surges in May: HSBC Survey
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