After manufacturing, growth in the services industry too slowed in April, according to The Nikkei/Markit Services Purchasing Managers’ Index (PMI).
The survey has increased the pitch for further monetary easing by Reserve Bank of India. Services growth fell to 53.7 in April from 54.3 in March as new orders grew slower in April.
In January, the services grew a 19-month high at 54.3. In the seasonally adjusted index, a reading above 50 represents expansion, while one below this level is contraction.
Sub-sector wise, financial intermediation and post and telecommunication boosted services growth.
“A softer expansion in activity, combined with unchanged employment and a dip in business expectations among service providers suggest that companies are not fully convinced about the recovery," said Pollyanna De Lima, economist at Markit.
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