India's services growth slowed slightly in Aug but exports hit record high

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2023-09-05 05:05:33  • 2 mins

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BENGALURU : Growth in India's dominant services industry lost some steam in August but overall conditions remained strong despite elevated inflationary pressures, according to a business survey that showed exports were at a record high on robust foreign demand.

Tuesday's findings, coupled with a sister survey on Friday which found factory growth expanded at its fastest pace in three months, suggest Asia's third-largest economy will be the fastest-growing major country despite slowing global growth.

The S&P Global India services Purchasing Managers' Index fell to 60.1 in August from 62.3 in July, lower than the Reuters poll expectation of 61.0.

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