India’s services PMI indicates strong growth, hits 59.3 in Dec
The final India Services Purchasing Managers' Index (PMI) for December 2024 rose to 59.3 points, an increase from 58.4 points recorded in November.
The final India Services Purchasing Managers' Index (PMI) for December 2024 rose to 59.3 points, an increase from 58.4 points recorded in November.
The Manufacturing Purchasing Managers’ Index (PMI) fell to 56.4, down from 56.5 in November showcasing manufacturing activity’s weakest growth of 2024 in December.
According to the survey compiled by S&P Global, the HSBC final India Services Purchasing Managers' Index, fell to 60.8 in April from 61.2 in March, confounding a preliminary estimate for a rise to 61.7.
S&P Global credit analyst Geeta Chugh said: “India’s regulator has underscored its commitment to strengthening the financial sector.”
The report further said that the State Bank of India and the leading private-sector banks have largely addressed their asset-quality challenges.
The rating agency also revised downward its assessment of the stand-alone credit SACP of Indian Bank by one notch to 'bb+'.
