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India Services Activity For October Increases Even As Price Pressure Mount
The strengthening of demand in the service sector pushed the services activity index for October higher in four months for the first time.
India's services industry activity rose at its fastest in the month of October even as prices increased. The Nikkei/IHS Markit Services Purchasing Managers' Index stood at 51.7 for October which is the highest since June as demand strengthened in the dominant services sector.
For the September month, the services PMI index was at 50.7 while for July and August it was below 50 that reflects contraction. The implementation of GST from July 1 resulted in doubts concerning pricing and hence both manufacturing as well as services sector witnessed a sluggish phase.
The manufacturing sector reported barely any growth for the last ended month. An economist at IHS Markit said, "recovery from the GST implementation was sustained in the private sector in October, mainly radiating from service providers as growth in manufacturing was relatively subdued".
The new business sub-index reflecting both domestic as well as international demand increased from 51.1 in September to 51.5 for October month. Due to it composite index considering both manufacturing and services activity increased to 51.3 in October as against 51.1 in September.
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