Mumbai: The growth in India’s services sector rebounded in February, the first time since October 2016 as businesses recovered from the demonetisation related disruptions seen in each of the previous three months, a survey showed on Friday.
The Nikkei India Services Purchasing Managers India (PMI), which measures growth in the domestic service sector scaled above the crucial 50-level mark after slumping to a near three-year low in November.
The PMI stood at 50.3 in February as compared to 48.7 in January. While incoming new business picked up in February led by a turnaround in financial intermediation services, the survey noted that the pace of growth in new work was marginal. However, survey participants remained less optimistic about the 12-month outlook.
