LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » India News

July sees strongest service sector growth since October 2016: PMI

India's services sector activity remained in the growth territory for the second consecutive month in July, as business activity witnessed the strongest growth since October 2016 amid improved demand conditions, says a monthly survey.

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
July sees strongest service sector growth since October 2016: PMI
The seasonally adjusted Nikkei India Services Business Activity Index rose from 52.6 in June to 54.2 in July, as new businesses rose at the fastest rise since June 2017. Image source: PTI
Written By: PTI
Updated: Fri, Aug 03, 2018
02:40 pm
PTI
RELATED NEWS
India's services sector drops to six-month low in May India's services sector drops to six-month low in May

India's services sector activity remained in the growth territory for the second consecutive month in July, as business activity witnessed the strongest growth since October 2016 amid improved demand conditions, says a monthly survey.

The seasonally adjusted Nikkei India Services Business Activity Index rose from 52.6 in June to 54.2 in July, as new businesses rose at the fastest rise since June 2017.

In PMI parlance, a print above 50 means expansion, while a score below that denotes contraction.

"July data was encouraging as the service sector observed the best performance since October 2016, underpinned by the strongest gain in new orders since June 2017," said Aashna Dodhia, Economist at IHS Markit, and author of the report.

Amid reports of improved demand conditions, business confidence towards the 12-month outlook picked up from June's recent low. Subsequently, firms raised their staffing levels at the strongest pace since April.

Meanwhile, the headline seasonally adjusted Nikkei India Composite PMI Output Index, that maps both the manufacturing and services sector, rose from 53.3 in June to 54.1 in July.

"Marked expansions in both the manufacturing and service sector, with stronger growth in the latter, powered the fastest improvement in overall operating conditions in the economy since October 2016," Dodhia, said.

On the prices front, inflationary pressures remained marked during July.

"There are some warning signs reflected by PMI price data. Although overall input cost inflation softened from June's near four-year high, service companies faced the fastest rise in input costs since March amid reports of high oil prices," Dodhia said.

WATCH ZEE BUSINESS VIDEO HERE

On the Reserve Bank's policy stance, Dodhia said, "Indeed, an uncertain global climate, currency weakness and strong inflation may continue to place pressure on the central bank to hike interest rates over the coming months".

The six-member Monetary Policy Committee (MPC) headed by RBI Governor Urjit Patel for the second time in two-month raised interest rate by 0.25 per cent on inflationary concerns.

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
service sector growthNikkei India ServicesMonetary Policy Committee (MPC)RBI Governor Urjit Patel
RELATED NEWS
India's services sector drops to six-month low in May India's services sector drops to six-month low in May

LATEST NEWS

''The Great Gatsby'' to be made into animated feature film

Gold Price outlook: After record highs of around Rs 56191 and closing the year with 28% gains, here is what has happened now

Man riding scooter killed by speeding Mercedes in Delhi

Salman Khan, Katrina Kaif, Emraan Hashmi attend puja before ''Tiger 3'' goes on floors

World's BIGGEST Music Reality Show! Zee brings Indian Pro Music League today with Salman Khan as brand ambassador

After petrol and diesel, consumers face LPG cooking gas cylinder price rise

7th Pay Commission latest news: Big news for Central government employees - New window opened to save money

7th Pay Commission: DA, TA, DR, salary hike—what central government employees and pensioners must know

SBI SME Gold Loan: Get this SBI business loan up to RS 50 lakh at 'attractive' rate without any financial document

RailTel share price soars 27%; Steller listing, exceeds expectations

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved