Faster reforms are needed to sustain growth momentum in this sector
According to HSBC survey, India's services sector activity expanded only at a modest pace in August
New Delhi: India’s services sector activity expanded only at a modest pace in August, according to HSBC survey.
The HSBC/Markit purchasing managers’ index for the services industry stood at 50.6 in August, down from 52.2 in July, indicating a slowdown in the sector activity as new business expanded at a weaker pace.
“Business confidence deteriorated further, which calls for a pick-up in the reform momentum. Faster reforms are also needed to sustain growth momentum and counter the coming drag on the economy from weak monsoons, fiscal consolidation and tight monetary policy,” said HSBC.
( Source : dc correspondent )
Next Story
