Services activity in May expanded at the fastest rate in over 11 years, supported by a pick-up in new business growth with demand continuing to recover. This follows the reopening of the economy after the Covid lockdowns. The S&P Global India Services Purchasing Managers’ Index (PMI) rose to 58.9 in May from 57.9 in April. The May 2022 figure is the highest since April 2011. A reading above 50 denotes expansion and print below 50 indicates contraction.
The expansion in services activity was backed by acceleration in new business growth, which was the quickest since June 2011, despite cost pressures.
“The reopening of the Indian economy continued to help lift growth in the