India's service sector shows highest growth in over a decade
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Despite a slight dip in April, India's service sector continues to exhibit robust growth, driven by strong demand. The HSBC Services Purchasing Managers' Index (PMI) fell from 61.2 in March to 60.8 in April, though still representing one of the fastest growth rates witnessed in 14 years. "India's service activity rose at a slightly softer pace in April, backed by a further rise in new orders, with notable strength in domestic demand," stated Pranjul Bhandari, chief India economist at HSBC.