Indias services sector activity expanded in May and the pace was the fastest in three months,driven by uptick in new orders,an HSBC survey said today.
The HSBC/Markit purchasing managers index for the services industry today inched up to 53.6 in May,pointing to a solid expansion in output,one that was the fastest in three months. It has registered 50.7 in April,the banking major said in a statement.
A reading above 50 shows that the sector is expanding,while a reading below 50 shows that the output in the sector is contracting.
The services sector which accounts around 60 per cent of the Indias GDP expanded largely driven by higher levels of new work placed at private sector firms in India.