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Indian services firms return to growth as demand picks up - PMI

Reuters    Translate This Article
5 April 2018

On 5 April 2018 Reuters reported: India's services industry returned to growth in March as new business picked up on improved demand, a private survey showed on Thursday (5 April), encouraging firms to hire at the fastest pace in nearly seven years. Optimism was at an eight-month high, the survey found, which alongside increasing demand pushed firms to hire at the fastest pace since June 2011. Global Good News service views this news as a sign of rising positivity in the field of business, documenting the growth of life-supporting, evolutionary trends.

Hit by disruptions from a shock ban of high value currency notes and confusion around product pricing after the implementation of a new tax, the services industry had a disappointing fiscal year 2017/18.

'India's service activity stabilized at the end of the quarter, underpinned by a renewed rise in new work. Anecdotal evidence highlighted an improvement in demand conditions,' Aashna Dodhia, an economist at IHS Markit wrote in a release.

The new business sub-index that tracks overall demand also returned to growth in March, rising to 50.6 from 48.0 in a reflection of increased levels of new work.

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