Mumbai: India’s service sector grew at its fastest pace in over 19 months in January amidst a strong pick up in demand, a business survey showed on Wednesday.
The Nikkei Services Purchasing Managers’ Index (PMI) climbed to 54.3 in January from 53.6 recorded in December, marking a seventh successive monthly expansion of new business inflows pointing to a accelerated expansion of activity across the sector.
A reading above 50 indicates an expansion in business activity while a reading below suggests contraction.
According to the survey, the growth was noted in four of the six monitored categories, the exceptions being hotels and restaurants and transport and storage. Service providers in India expect output to continue to increase over the course of the next year.
