Growth in India's service sector slowed for the third consecutive month in June, according to a private survey, after softer expansion in new business orders
The sector grew at its slowest pace since November 2015, causing the Nikkei Services Purchasing Managers Index (PMI) to fall to 50.3 in June, from 51 in May. A reading above 50 on the index signals economic expansion, while a reading below 50, signals contraction.
The Indian service sector saw a furthercooling of growth momentum in June, the third in consecutive months, with aweaker rise in new business leading to a softer expansion in activity. Moreover, future expectations dipped to the lowest sinceFebruary, highlighting concerns regarding the sustainability of the economicupturn.Pollyanna De Lima, Economist at Markit, which compiles the survey
Employers signaled a slight increase in staffing levels to 50.3, from 50. 2 in May.
Data released by the same agency last week showed that India's manufacturing activity was at a three-month high, with manufacturing PMI edging up to 51.7 from 50.7 in May.
Overall, the Nikkei and Markit Economics Composite Purchasing Manager's Index for India rose to 51.1 in June from 50.9 in May of this year.The index was 49.2 in the same month last year.
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