India's services PMI growth at 13-year high of 62.3 in July
Also Read: Morgan Stanley upgrades India to Overweight citing ‘less extreme’ valuations; downgrades China to Equal-weight "The resilience of the service sector underscores its vital role in fuelling India's economy, with the PMI results for July so far pointing to a notable contribution from the sector to overall GDP for the second fiscal quarter," noted Pollyanna De Lima, economics associate director at S&P Global Market Intelligence. Meanwhile, the manufacturing sector PMI dipped to 57.7 in July, data released on Monday showed.
Overall S&P Global India Composite PMI Output Index rose to a 13-year high of 61.9. "Looking at PMI price indices in recent months, it seems that competitive advantage continued to support demand for Indian services, with increases in output prices here modest relative to several other nations," added De Lima.
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