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According to the S&P Global India Manufacturing Purchasing Managers’ Index (PMI), India’s manufacturing sector recorded a slight acceleration in new orders and output which rose to 54.7 in April 2022 from 54 in March 2022. India’s services sector recorded the best expansion in activity this May in over 11 years, as per the S&P Global Services Purchasing Managers’ Index (PMI). The sector has remained on an expansion mode for the tenth straight month. The growth was supported by a substantial pick-up in new business, even as input-cost inflation climbed to a record high. The seasonally adjusted S&P Global India Services PMI Business Activity Index jumped to 58.9 in May, up from 57.9 in April. In Purchasing Managers’ Index (PMI) parlance, a reading above 50 indicates expansion while one below 50 denotes contraction.
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