Worry for India, Services PMI falls in August, export chain moves at record pace
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Indian Service PMI: India’s services sector activity moderated in August, while the growth rate remained high on new orders. This information has been given in a monthly survey on Tuesday. Services companies have indicated the highest growth in new export business, which has prompted companies to expand their workforce as well as production. The seasonally adjusted S&P Global India Services PMI business activity index fell to 60.1 in August from 62.3 in July. The PMI index remains above 50 for the 25th consecutive month. In the language of Purchasing Managers’ Index (PMI), a score above 50 means expansion in activities and a score below 50 means contraction.
Pauliana de Lima, associate director of economics at S&P Global Market Intelligence, said Indian service companies achieved a remarkable feat in August as they posted a series of record growth in new export business. Several regions contributed to the rise, including Asia Pacific, Europe, North America and the Middle East. Lima said this uptick in international demand supported one of the best sales performances recorded in the last 13 years and prompted companies to expand workforce as well as produce.
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