Services sector grew for the third straight month in April but the pace of growth moderated amid slower rise in new business and employment, a monthly survey said today. The Nikkei India Services Purchasing Managers' Index (PMI), which tracks services sector output on a monthly basis, was down from 51.5 in March to 50.2 in April, indicating challenging market conditions that hampered growth. The Nikkei India Services Business Activity Index posted above the critical 50.0 level, which separates growth from contraction, for the third-month running in April. Indian services sector had returned to growth in February after three months of demonetisation-driven contraction. Optimism of service companies for future output growth moderated as firms were cautiously optimistic towards future performance.

Source: dna May 04, 2017 05:50 UTC