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Business News » India News

Services PMI declines at its quickest pace in four years, Nikkei says

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Services PMI declines at its quickest pace in four years, Nikkei says
Services PMI declines at quickest pace in four years, Nikkei says. Representational image of Finance Minister Arun Jaitley. Pic: PTI
Written By: ZeeBiz WebTeam
Updated: Thu, Aug 03, 2017
10:34 am
Mumbai, ZeeBiz WebDesk
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Services PMI falls to 6-month low of 47.8 in February Services PMI falls to 6-month low of 47.8 in February
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India Services PMI falls to 50.3 in November as business activity slows India Services PMI falls to 50.3 in November as business activity slows
Services sector momentum grew in October, Nikkei says Services sector momentum grew in October, Nikkei says
Nikkei's India Services PMI at 51.2 points in August Nikkei's India Services PMI at 51.2 points in August
Key Highlights: 
  • Output and new orders fall for first time since January...  

  • ...and at fastest rates for almost four years

  • Charge inflation at 53-month peak 

India's Services PMI Business Activity Index declined in July 2017 as Goods and Services Tax (GST) came in to force, Nikkei said on Thursday. 

IHS Markit, in a statement, said, "Output and new work declined for the first time since January, with rates of reduction the quickest since September 2013. This had an adverse effect on the labour market, with employment contracting over the month."

The seasonally adjusted Nikkei India Services PMI Business Activity Index plunged from June’s eight-month high of 53.1 to 45.9 in July, its lowest level since September 2013. The headline figure signalled the first downturn in output since the start of the year, and one that was marked.

 Pollyanna De Lima, Principal Economist at IHS Markit, and author of the report, said, “PMI data for July highlight a reversal in fortunes across India, with the economy going into reverse mode after seeing a pick-up in growth momentum during June."

The report said, "The launch of the GST was mentioned by services firms as having caused a contraction in new work, leading to lower activity. The drop in new business inflows echoed the trend for output, being the first since January and the most pronounced in nearly four years. Likewise, factory orders decreased in July and at the quickest pace since February 2009."

"Most of the contraction was attributed to the implementation of the goods & services tax and the confusion it caused. Whereas many will question how deep an impact the GST will have on the economy in the near- and long-term, firms seem convinced that prospects will brighten as the new tax regime becomes clearer," De Lima said. 

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TAGS:
Services PMIPMINikkeiIHS MarkitEconomyGSTGoods and Services taxservices sector
RELATED NEWS
Services PMI falls to 6-month low of 47.8 in February Services PMI falls to 6-month low of 47.8 in February
India PMI Services grows to 50.9 in December as economy returns to growth India PMI Services grows to 50.9 in December as economy returns to growth
India Services PMI falls to 50.3 in November as business activity slows India Services PMI falls to 50.3 in November as business activity slows
Services sector momentum grew in October, Nikkei says Services sector momentum grew in October, Nikkei says
Nikkei's India Services PMI at 51.2 points in August Nikkei's India Services PMI at 51.2 points in August

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