May was a great month for the service sector, PMI rose to 59

The Modi government is getting good success on the economic front. Due to the economic policies and incentives of the government, the service sector is developing rapidly. According to the S&P Global India Services report released on Friday (June 03, 2022), India’s service sector has grown the fastest in 11 years in the month of May. The service sector’s PMI index stood at 58.9 on a yearly basis for this month, the fastest growth since April 2011. Earlier this growth was 57.9 in the month of April.

Poliana de Lima, associate director and economist at S&P Global India Services, said the reopening of the Indian economy continued to support growth in the services sector. Business activity grew at the fastest pace in May in 11 years since July 2011, supported by the sharpest increase in new orders. May was the tenth consecutive month when the PMI index for the services sector was above 50.

The contribution of the service sector in the country’s GDP has exceeded 50 percent. The service sector gets the maximum amount of foreign direct investment in India. The participation of the service sector in exports has also increased rapidly. Significantly, for the tenth consecutive month, there has been an increase in the activities of the service sector. In Purchasing Managers Index (PMI) parlance, a reading above 50 indicates expansion, while a reading below 50 indicates contraction.

Under the leadership of Prime Minister Modi, the country is achieving new achievements day by day. Let’s take a look at the major achievements…Despite the Corona and Ukraine crisis, the Indian economy is growing rapidly. In April this year, the output of the eight core sector grew by 8.4 percent. The index for the 8 core sectors stood at 143.2 in April, 2022, showing a growth of 8.4 percent over April 2021. The eight core sectors include coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity. The share of the eight core sectors in the Index of Industrial Production (IIP) is 40.27 percent. According to government data, in April this year, compared to last year, coal production increased by 28.8 percent, electricity production by 10.7 percent, cement production by 10.7 percent, refinery production by 9.2 percent, fertilizer production by 8.7 percent and natural gas by 6.4 percent. increase has been recorded.
The GST collection in the month of April has broken all records. Since the implementation of GST in the country, the highest GST collection has happened in April 2022. The Gross GST Revenue Collection for the month of April 2022 stood at Rs 1,67,540 crore which includes CGST Rs 33,159 crore, SGST Rs 41,793 crore, IGST Rs 81,939 crore and Cess Rs 10,649 crore. GST collection in April 2022 is Rs 25,000 crore more than the previous month. In the last month, Rs 1,42,095 crore was deposited. This is the seventh time that the GST collection has crossed the Rs 1.30 lakh crore mark and this is the first time that the gross GST collection has crossed the Rs 1.5 lakh crore mark