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India's Services PMI Improves To 51.4 In April; Job Creation At Its Fastest Pace Since 2011
The improvement in business activities and new order has continued to show improvement in India's services activity which has clocked the figure of 51.4 in the April month.
Buoyed by improved business activities, India's services activity continues to improve in the April month and job creation is also happening at its fastest pace in over 7 years time. With the easing of inflationary pressure and growth in new orders, the demand condition has improved resulting in expansion of Nikkei India Services Business Activity Index to 51.4 in April.
In February, the index recorded a figure of 50.3. As per the survey report, "This signalled a faster expansion in output at Indian service firms than in the prior month".
"India's overall economy also saw price pressures moderating further, with input and output charge inflation registering at the slowest since September 2017 and June 2017, respectively. The service economy continued to recover further from February's temporary decline," Dodhia, chief economist at IHS Markit said.
"Reflecting improvements in demand conditions, job-creation accelerated to the sharpest since March 2011", the report added.
In March, order book volumes increased across services sector in India and the orders placed at manufacturing companies in India also increased for the sixth successive time in April month.
With PTI Inputs
