India Services PMI: Heavy decline in services sector activities in March, Services PMI came down to 57.8

India Services PMI: A decline has been registered in the activities of the country’s service sector in March. The Services PMI was at 59.4 in February, which has come down to 57.8 in March. There was a slowdown in the activities of the country’s major service sector industries during March. The services PMI reached a 12-year record high of 59.4 in February on expansion in demand in the services sector. 

This level of services PMI in February was This is the lowest level since 2020. However, it is still above the 50 mark, indicating growth and not contraction. 

Pauliana de Lima, Associate Director of Economics at S&P Global Market Intelligence Told that India’s service sector saw a boom in February, which was due to new business and output. The pressure of input costs on the economy of the service sector remained low in the country, a similar trend was observed in the manufacturing sector as well. This is the reason that the real inflation rate of cost price was seen at the lowest level of two and a half years. 

Manufacturing PMI data released this week show that manufacturing There has been a rapid expansion in activities during the quarter ended March. However, the composite index declined from 59 percent in February to 58.4 in March due to a slowdown in the services sector. 

S&P Global Market Intelligence survey According to the report, despite 10 consecutive months of growth, employment in the services sector has seen a marginal increase during March. 98 percent of the respondents who took part in the survey said that according to the current needs, the number of employees is sufficient and only a slight increase in new jobs has been recorded. However, service providers say that there is full expectation of expansion in the service sector in the coming year.

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