)
India’s services sector began the 2013-14 financial year on a dismal note, as the HSBC Purchasing Managers’ Index (PMI) for services sector grew at its slowest pace in one and half years at 50.7 points in April, compared to 51.4 in March.
The composite PMI for India, which also includes manufacturing PMI was down to 50.5 points in April from 51.4 in March, its lowest pace since October 2011, a statement released by Markit Economics said today.
It said companies mentioned that slower activity growth reflected weaker gains in incoming new work.
The new business index, which rose to an 18-month high in January, fell for the third straight month to 52.6, its lowest since November 2011, from 53.3 in March.
Commenting on the India Services PMI survey, Leif Eskesen, Chief Economist for India & ASEAN at HSBC said, “Activity in the services sector decelerated further in April led by slower growth in new business. This led to a slowdown in employment growth and allowed businesses to better keep pace with their order books.”
