India’s services activity expanded at its fastest pace in four months in October due to greater inflows of new business, a business survey showed on Friday.
The Nikkei India Services Purchasing Managers’ Index (PMI), which tracks services sector output on a monthly basis, rose to 51.7 in October from 50.7 in September, rising for the fourth straight month.
A reading above 50 indicates economic expansion, while a reading below 50 points toward contraction.
While services activity picked up, there was a slowdown in rate of growth of Indian manufacturing output, the survey said.
Key highlights from the survey:
- Overall upturn in services sector supported by rising new work for the second straight month in Oct.
- Manufacturing books, however, were broadly unchanged.
- Business confidence was frequently associated by panellists to be long-term benefits of GST.
- The rate of input cost inflation in service sector intensified to the joint-fastest since April 2016.
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Source: Global Economy