In April, India s services sector saw a slight moderation, but maintained strength due to robust domestic and international demand, boosting business confidence to a three-month high. Despite a dip in the HSBC Services PMI to 60.8 from March s 61.2, it remained among the fastest growth rates in nearly 14 years.
The March final PMI data will tell the Monetary Policy Committee that growth is not only strong, but momentum is increasing, while price pressures in services are rising
The signal from the PMI data to the MPC is of very strong growth with muted inflationary pressures, which will reinforce the widely expected decision to keep the status quo on the policy rate
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