India's services industry saw activity increase at the fastest pace in six months during the final month of 2022 amid robust demand, fuelling business optimism despite high costs, a private-sector survey showed.
rose to 58.5 in December from 56.4 in the previous month, confounding expectation in a Reuters poll for a fall to 55.5.
"As we head into 2023, companies signalled strong optimism towards the outlook for output," noted Pollyanna De Lima, economics associate director at S&P Global Market Intelligence. Expenses rose faster due to greater energy, food, staff and transportation costs so prices charged remained elevated despite moderating slightly from November, when they rose at the quickest rate since July 2017., below the top of the Reserve Bank of India's target band of 4%-6% for the first time in 2022.
"Positive sentiment and ongoing growth of new business continued to support job creation, but there were areas where capacities were reportedly adequate to cope with current requirements," added De Lima.Strong demand continued to support business confidence, which eased only slightly from November's near eight-year high.
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