According to a survey, The Indian services sector remained in expansion mode in January, registering the fastest rise in activity in three months driven by a renewed increase in new business orders.
Highlights of the Report:
- The Indian service sector continued to expand in January
- Also, the rate of job creation was the fastest since last September.
- The seasonally-adjusted Nikkei Services Business Activity Index rose to 51.7 in January from 50.9 in December
- The index remained above the neutral mark of 50 in January that separates growth from contraction for the second consecutive month.
- In November, the index stood at 48.5.
- Though growth rates for activity and employment accelerated since December, it remained weaker than their respective long-run survey averages.
- The service sector lagged behind when compared to manufacturing
- The main constraint to business was the Goods and Services Tax (GST)