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Home » IANS » Ease in Covid restrictions, demand lifted India’s Oct services output: PMI

Ease in Covid restrictions, demand lifted India’s Oct services output: PMI

By IANS
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New Delhi, Nov 4 (IANS) Ease in Covid-19 restrictions along with fresh demand lifted Indias service sector output October.

Accordingly, the seasonally adjusted India Services Business Activity Index showed an increases that ended seven-month sequence of reduction.

Consequently, the index rose to 54.1 in October, up from 49.8 in September.

Notably, the seasonally adjusted business activity index posted above the 50 (index reading) no-change mark the first time since February.

The indices vary between 0 and 100, with a reading above 50 indicating an overall increase compared to the previous month, and below 50 an overall decrease.

“The latest reading pointed to a solid rate of growth in output that was stronger than its long-run average,” the IHS Markit report said.

According to panel members, the upturn was supported by improved market conditions amid the loosening of Covid-19 restrictions.

–IANS

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