The S&P Global India Services Purchasing Managers’ Index (PMI) has declined to 58.4 in October from 61 in September.
Services PMI reached to 13-year high of 62.3 in July and it remained above the 60 level in the July-September quarter.
India’s service sector witnessed a slower expansion in October. It is the slowest rate in the last seven months.
Growth of the services sector accounted for nearly 58% of India’s economy.
The demand for Indian services remained robust in the international markets.
Prices charged for Indian goods and services have increased further in October.
The rate of job creation has declined due to a decrease in demand. The Job creation in the service sector in October was the lowest in the last three months.
The PMI print above 50 indicates growth in the sector while below 50 shows contraction.
