Services sector activity hits 11-month high in July

NEW DELHI: Demand for Indian services remained robust, and activity in the sector reached an 11-month high in July, driven by strong global orders, including from the US. Business confidence also strengthened, as shown by a survey released on Tuesday. In July, the HSBC India Services PMI business activity index was at 60.5, slightly changed from 60.4 in June, indicating another sharp increase in output. The rate of expansion was the best since Aug last year. The 50-point mark separates expansion from contraction in the survey, which is compiled from responses to a questionnaire sent to 400 service sector companies.