IANS

Strong demand accelerates India’s October service sector growth

Mumbai, Nov 5 (IANS) Strong demand accelerated India’s service sector growth in October, a key economic data point showed on Monday.

Accordingly, the seasonally adjusted Nikkei India Services Business Activity Index rose from 50.9 in September to 52.2 in October.

An index reading of above 50 indicates an overall increase in economic activity and below 50 an overall decrease.

In addition, the headline seasonally adjusted Nikkei India Composite PMI Output Index rose to 53 in October from 51.6 in September.

“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,” Pollyanna De Lima, Principal Economist at IHS Markit, and author of the report said in a statement.

“A stronger upturn in services activity complemented the faster rise in manufacturing production reported last week.”

–IANS
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