Today’s News: Services Sector Growth, Banking Reforms, Key Corporate Acquisitions, and more
From service sector highs and banking sector adjustments to significant investments in healthcare and technology, India sees dynamic economic activities in multiple sectors.
Published in
3 min readMay 7, 2024
India’s Services Sector Maintains Robust Growth, Hits Near 14-Year High
Despite a slight decline, India’s services sector registered a robust performance in April, with the HSBC India Services PMI at 60.8, nearly a 14-year high. Buoyed by strong domestic and foreign demand, this indicator reflects continued expansion and optimism, although job growth remains limited and operating costs high.
Source: Reuters
Indian State Banks Dip 3.5% as RBI Proposes Heavier Loan Provisions
Shares of India’s state-owned banks dropped by 3.5%, marking their largest decline in nearly two months, after the RBI suggested increasing provisions for loans to infrastructure projects. This move, aimed at covering potential defaults, could significantly impact bank profitability and limit credit availability for new projects.
Source: Reuters
