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Investing.com -- India’s leading services sector continued to display robust growth in May, driven by strong demand for exports and record employment levels, according to a survey released on Wednesday.
However, the survey also indicated an increase in price pressures.
The HSBC India Services Purchasing Managers’ Index, collated by S&P Global, marked a slight increase in May, reaching 58.8, up from April’s figure of 58.7.
Despite the growth, the May figure fell short of an initial reading of 61.2.
This index is a crucial indicator of the health of the services sector in India. A reading above 50 on the index suggests expansion, while a figure below 50 indicates contraction.
The May figure suggests the sector is still in a phase of expansion, albeit at a slightly slower pace than initially expected.
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