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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
India's services PMI has now spent 29 consecutive months above the key level of 50 that separates expansion and contraction in activity.
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
The pace of new orders has been robust, indicating that the growth momentum will last