Nikkei India Services Purchasing Managers’ Index (PMI), in its latest report, shows that job creation in India has continued its upward trend and has touched a 7-year high mark. The growth is driven mainly by an improvement in demand conditions and new placement of new orders supported by well-managed inflation.
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The Index rose from 50.3 in March to 51.4 in April, signalling a faster expansion in output at Indian service firms than in the previous month. The 50-point mark being the boundary between growth and contraction. A greater inflow of new work spurred the business activity up. However, the surge was modest than what the series trend. Service industry saw a more intake of new staff as demand conditions and output requirements improved. The manufacturing sector also saw a marginal rise in job creation.
In tune with the rise in business activities across sectors, the Nikkei India Composite PMI Output Index went up from 50.8 to a three month high of 51.9 in April, supported by increased booking of orders in both manufacturing and services sectors. New orders in manufacturing increased for the sixth successive month mainly due to demand creation from new clients. The optimism for manufacturing sector was strongest since the implementation of GST (Goods & Services Tax) in July last year. The survey panel has also expressed confidence of further improvement in economic activities.