With economic conditions in the services sector weakening, broadly stagnant sales caused the first drop in business activity in over a year, a survey has said. AdvertisingAt 49.6 in June, down from 50.2 in May, the IHS Markit India Services Business Activity Index posted in contraction territory for the first time since May 2018. According to survey participants, weak sales, competitive pressures and unfavourable taxation all hampered output. To assist with their workloads, services companies took on additional staff in June. Firms that refrained from hiring mentioned that workforce numbers were sufficient to cope with current workloads,” the survey said.

Source: Indian Express July 03, 2019 23:26 UTC