India's services sector witnessed some recovery as the nation eased the restrictions imposed to contain the coronavirus pandemic. The India Services Business Activity Index, compiled by IHS Markit, stood at 33.7 in June compared with 12.6 in May, according to a media statement. A reading below 50, however, still indicates contraction in business activity. The Composite PMI Output Index, measuring combined services and manufacturing output, rose to 37.8 in June from 14.8 in May. Still, it remains below the crucial 50.0 level. The slower rate of decline was reflective of some stabilisation in activity with around 59% of firms reporting no change in output since May. Only 4% registered growth, while 37% recorded a reduction.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
