Services business activity at 12-month high in June

On account of robust domestic and international demand and a rise in hiring, India’s services activity in June’19 recorded the highest growth over a year according to Nikkei/IHS Markit Services Purchasing Managers’ Index. The index saw the figures rise to 53.8 last month from 49.6 in June’18. At the same time, new export orders rose for the fifth consecutive month in July’19, growing at the fastest pace since September 2014.

 “PMI data indicated that the strongest upturn in new work for nearly three years led to a rebound in business activity,” said Pollyanna De Lima, author of the report. However, the real estate and business services sector was the only sector that did not witness output growth in this period according to the report.