India Services PMI Recorded Highest in April 2023 in Last 13 years

The S&P Global India Services PMI® is compiled by S&P Global from responses to
questionnaires sent to a panel of around 400 service sector companies. The sectors
covered include consumer (excluding retail), transport, information, communication,
finance, insurance, real estate and business services. The panel is stratified by detailed
sector and company workforce size, based on contributions to GDP. Data collection began
in December 2005.
Survey responses are collected in the second half of each month and indicate the direction
of change compared to the previous month. A diffusion index is calculated for each
survey variable. The index is the sum of the percentage of ‘higher’ responses and half the
percentage of ‘unchanged’ responses. The indices vary between 0 and 100, with a reading
above 50 indicating an overall increase compared to the previous month, and below 50 an
overall decrease. The indices are then seasonally adjusted.
The headline figure is the Services Business Activity Index. This is a diffusion index
calculated from a question that asks for changes in the volume of business activity
compared with one month previously. The Services Business Activity Index is comparable
to the Manufacturing Output Index. It may be referred to as the ‘Services PMI’ but is not
comparable with the headline manufacturing PMI figure.
The Composite Output Index is a weighted average of the Manufacturing Output Index
and the Services Business Activity Index. The weights reflect the relative size of the
manufacturing and service sectors according to official GDP data. The Composite Output
Index may be referred to as the ‘Composite PMI’ but is not comparable with the headline
manufacturing PMI figure.
Underlying survey data are not revised after publication, but seasonal adjustment factors
may be revised from time to time as appropriate which will affect the seasonally adjusted
data series.
For further information on the PMI survey methodology, please contact economics@

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