New Delhi, September 3
The downturn in India’s providers sector exercise eased considerably in August however remained within the contraction zone as Covid pandemic-induced restrictions continued to adversely influence shopper demand and enterprise operations, a month-to-month survey mentioned on Thursday.
The seasonally adjusted India Services Business Activity Index rose sharply from 34.2 in July to 41.eight in August, the very best since March, earlier than the escalation of the pandemic.
However, the Indian providers sector exercise contracted for the sixth successive month in August. A print above 50 means growth and a rating beneath that denotes contraction, as per the IHS Markit India Services Purchasing Managers’ Index (PMI).
“August highlights another month of challenging operating conditions in the Indian services sector. Sustained periods of closure and ongoing lockdown restrictions in both domestic and foreign markets have weighed heavily on the health of the industry,” mentioned Shreeya Patel, economist at IHS Markit.
New enterprise and output continued to contract at marked charges, albeit slower than the data seen in April and May, the survey mentioned. — PTI