India’s May Services Activity at Highest Level in 11 Years

S&P Global services PMI rose to 58.9 in May from 57.9 in April
Input cost inflation hits new record, hurts confidence

Workers wash photovoltaic panels at a solar farm in Karnataka state, India.Photographer: Dhiraj Singh/Bloomberg

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By Vrishti Beniwal

June 3, 2022 at 5:51 AM UTC

This article is for subscribers only.

Activity in India’s services sector improved to its highest level in eleven years as lifting of virus curbs bolstered demand, though sentiment going forward may be tempered by rising inflation.

S&P Global India Purchasing Managers Index for services rose to 58.9 in May from 57.9 in April, making it the best reading since April 2011. A number above 50 signals growth while a print below that shows contraction in activity.