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Home > Business > India services sector activity in Oct sees quickest growth since July: PMI

India services sector activity in Oct sees quickest growth since July: PMI

Tuesday, November 06, 2018

The country's services sector in October expanded at the quickest pace since July, driven by significant increase in new business orders, which in turn led to robust workforce expansion, a monthly survey said yesterday.

The seasonally adjusted Nikkei India Services Business Activity Index rose to 52.2 in October, from 50.9 in September. The services PMI was in the expansion territory for the fifth straight month. In PMI parlance, a print above 50 means expansion, while a score below that denotes contraction.

According to panellists, improved order flows supported the pick-up in output amid favourable market conditions, greater client bases and fruitful advertising. On the job front, Indian service providers continued to add to their payrolls and the sector witnessed the second-strongest increase in employment since March 2011.

“The PMI surveys brought positive news of stronger economic growth at the start of the third quarter of FY 2018/19, together indicating a welcome rebound in private sector expansion from September's four-month low," said Pollyanna De Lima, Principal Economist at IHS Markit, and author of the report.

 

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