Services growth at 5-month high: PMI

Services PMI jumps to a five-month high on rise in new orders

The services sector expanded for a second consecutive month in March, indicating that the predominant sector of the economy has recovered from the demonetisation setback, a private survey released on Thursday has shown.

The widely tracked Nikkei Services Purchasing Managers’ Index (PMI) for services rose to a five-month high of 51.5 points in March, compared to 50.3 in the previous month. A reading above 50 signifies expansion, while one below that shows contraction.

“India’s private sector economy stayed on an upward trajectory during March, benefiting from an upswing in demand and output,” Pollyanna De Lima, economist at IHS Markit and