Growth of Indian private sector output climbed to a near 11-year high, with the country’s services industry activity increasing at the fastest pace in six months during the final month of 2022 amid robust demand, a private-sector survey showed.
The survey findings fuelled business optimism despite high costs.
The rise in services as well as manufacturing sectors led the composite index ring to 59.4 in December, the highest since January 2012, from 56.7 in November.
The S&P Global India services purchasing managers’ index (PMI) rose to 58.5 in December from 56.4 in the previous month.
The index was above the 50-mark for the 17th straight month – the longest stretch of growth since June 2013.
Latest data showed India’s manufacturing sector saw a positive ending to 2022, with output growth reaching a 13-month high.
The seasonally adjusted S&P Global India Manufacturing PMI showed the December index at 57.8 in December, higher than 55.7 in November.
The global rating agency noted that companies signalled strong optimism towards the outlook for output, as they head into 2023.
Inflation trends were mixed, as input prices rose at a faster pace and the upturn in charges moderated, it said.
According to latest data, while the pace of job creation was above its long-run average, it eased to a five-month low in December.
Strong demand continued to support business confidence, which eased only slightly from November’s near eight-year high.
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