MUMBAI: Business activity in India’s services sector, a key contributor to the gross domestic product, expanded for the first time since February. The seasonally adjusted IHS Markit India Services PMI climbed to 54.1 in October from 49.8 in September. This improvement was backed by domestic demand, as the country continues to unlock gradually but exports remained under pressure. A sharp rise in manufacturing PMI along with a return to growth of services activity pushed the Composite PMI Output Index to 58 in October. That said, the recovery in the services sector has been faster than it was being anticipated, they added.

Source: Mint November 04, 2020 08:03 UTC