India services activity in October rises at fastest pace in 10 years

The recovery of the Indian service sector was extended to October with the seasonally adjusted IHS Markit India Services PMI index signalling the strongest rate of growth in ten-and-a-half years. The index rose to 58.4, from 55.2 in September as the expansion in services activity extended to three months. More jobs were created as result, the survey said, “though business confidence remained subdued due to growing concerns surrounding price pressures."
With input costs again rising sharply, companies lifted their fees at the fastest pace in close to four-and-a-half years, it added. Commenting on the latest survey results, Pollyanna De Lima, Economics Associate Director at IHS Markit, said: “A substantial rise in prices charged for the provision of services in India had no detrimental impact on demand, as companies signalled the strongest monthly expansion in new business in over a decade."