In another blow to the country, services sector witnessed contraction in the month of September on the back of weak fresh orders which have fallen for the first time since early 2018. Also, at the same business optimism has declined to a 2.5 year low.
India's Services Sector ContractsTo 19-Month Low; Services PMI At 48.7
Thus the data reflects on the gloom in the economy with the GDP numbers cracking to 6-year low figure of 5% in the June ended quarter.
The IHS Market Services Purchasing Managers' Index (PMI) has been dragged to a 19-month low of 48.7 in September. A mark below 50 indicates contraction.
There was also a cooling effect seen in the manufacturing activity.
So, the weak numbers have dragged the composite PMI index to just below the 50 mark for the first time since February 2018.
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