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Investing.com -- India’s services sector growth reached a 15-year high in August, driven by strong demand that also pushed prices up at the fastest rate in over a decade, according to a business survey released Wednesday.
HSBC’s India Services Purchasing Managers’ Index (PMI), compiled by S&P Global, rose to 62.9 in August from 60.5 in July. The final reading came in below the preliminary estimate of 65.6.
The significant jump in the PMI indicates substantial expansion in India’s services sector, as readings above 50 separate growth from contraction.
The survey also revealed that the robust demand environment contributed to the fastest increase in prices in more than ten years, suggesting growing inflationary pressures within India’s services economy.
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