PMI Data: Slow Pace Of Service Sector In January, PMI Above 50 For The 18Th Consecutive Month

PMI Data: Slow pace of the service sector in January, PMI above 50 for the 18th consecutive month.

India’s services sector expanded once again in January, although the PMI for the month fell to 57.2 from 58.5 in December.

The growth in India’s service sector is taking place at a time when there is a possibility of a recession in the world economy.

Let us tell you, whenever the PMI comes to more than 50, it means that the service sector of the country is expanding. This is the 18th consecutive month that the PMI has remained above this figure.

PMI Data: Service sector growth continues.

The PMI survey of the service sector by S&P Global India said that India’s service sector grew rapidly in January.

The main reason behind this is the slow growth of production and sales. Lack of confidence among service providers about the future outlook has affected job creation.

The strong domestic market in India.

Pollyanna de Lima, economics associate director at S&P Global Market Intelligence, said there is some slowing of the service sector’s momentum in early 2023.

The alertness of the service providers has been highlighted in the new figures. However, there is no change in the output of large firms.

Along with this, it was further said in the survey that the domestic market has contributed more to the increase in new business. At the same time, orders have decreased in the international market.

How is the survey done?

S&P Global India Services PMI is launched with the aid of using S&P Global. It contains data from a total of 400 service sector companies.

Its panel includes companies of every workforce size. This data is being released since December 2005.

Amul Hikes Milk Prices: Amul shocks customers, and increases milk prices by Rs 3 per liter.

Amul Milk Price Hike: The price of Amul Full Cream Milk Price has been increased by Rs 3 per liter by the country’s largest dairy company Amul.

After this, the price of Amul’s full cream milk increased to Rs 66 per liter from Rs 63 per liter earlier.

Also, the price of Amul A2 buffalo milk has been increased by Rs 5 per liter from Rs 65 to Rs 70 per liter. Along with this, the prices of other variants of milk have also increased.