SERVICES ACTIVITY HOLDS STEADY IN APRIL: SURVEY

New Delhi: Activity in the country's services sector remained robust in April as exports helped boost demand, while business confidence rose to a three-month high, a survey showed on Monday.

Despite slowing from 61.2 at the end of the previous fiscal quarter to 60.8 in April, the HSBC India Services Business Activity Index highlighted one of the strongest growth rates seen in just under 14 years. Survey members attributed the latest upturn in output to favourable economic conditions, demand strength and rising intakes of new work. The survey is compiled from responses to questionnaires sent to 400 service sector companies.

The services sector has remained robust since the lifting of Covid curbs and soaring services exports have prompted experts to name India as the emerging services factory of the world. Firms noted new business gains from several parts of the world, which underpinned the second-quickest upturn in global sales since the series started in 2014.