April 23 (Punjab Khabarnama) : Business Desk: India’s business activity continued to expand in April on the back of strength in both manufacturing and service sectors. This information was given in a report by news agency Bloomberg. This report is based on a flash survey of HSBC Holdings Plc.
The Services Purchasing Managers’ Index rose to 61.7 in April from 61.2 in March, while the Manufacturing Purchasing Managers’ Index was unchanged at 59.1. This took the overall index to 62.2, which is the highest since June 2010.
The indices are based on preliminary survey results and the final PMI data will be published next week. Readings above 50 indicate expansion over the previous month, while readings below that indicate a contraction in activity.
HSBC India’s chief economist Pranjul Bhandari said in a statement that services growth accelerated in April due to increased new orders in domestic and international markets. Manufacturing margins also saw improvement as companies were able to shift the burden of higher prices to customers due to strong demand conditions, he said. “The overall futures business outlook further improved in April due to strong demand,” Bhandari said.