The Indian service sector ended the second fiscal quarter on a weaker footing, but economic growth was sustained. Both new business inflows and output rose at the slowest rates since March, amid inflationary pressures and competitive conditions, which in turn dampened job creation. There was little movement in the rate of input cost inflation from August's 11-month low, while selling prices increased at the weakest pace since March. The data also highlighted a continued revival in business confidence, with sentiment at its highest level in over seven-and-a-half years. Posting 54.3 in September, the seasonally adjusted S&P Global India Services PMI Business Activity Index signaled growth for the fourteenth consecutive month. That said, falling from 57.2 in August, the latest reading highlighted the weakest rate of expansion since March.
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