Activity In India’s Services Sector Increased At Its Fastest Pace
Activity in India’s services sector increased at its fastest pace in over a year and a half in January as demand accelerated, allowing firms to build up a much bigger backlog of orders, a business survey showed on Wednesday. The Nikkei/Markit Services Purchasing Managers’ Index rose to 54.3 in January from 53.6 in December, the seventh straight month above the 50-level that distinguishes growth from contraction. January also marked the seventh consecutive month of expansion in new business, with that sub-index rising to an 11-month high of 54.1 from 53.8. Respondents cited better weather and stronger underlying demand as the main drivers.A strong upturn in new business is an especially positive note from January’s survey, which underpins hopes for further growth of activity across the country’s private sector in the near-term,” said Pollyanna De Lima, economist at Markit.