India’s services activity improved in March, with the S&P Global India Services Purchasing Managers Index (PMI) increasing to a three-month high of 53.6 from 51.8 in February. “Service providers recorded the fastest increase in new business in 2022, with an equal outcome noticed for business activity,” Pollyanna De Lima, Economics Associate Director at S&P Global, said.

While the increase in new businesses in March was described as solid, it was driven by the domestic market. The rise in prices in March was the highest in 11 years, with service providers experiencing higher rates for chemicals, fuel, raw materials, retail, transportation, and vegetables.

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“Inflation risks continued to curb business about growth opportunities, with sentiment among services companies remaining suppressed by historical standards. This lack of confidence in the outlook also showed employment fall in March,” De Lima added.