India’s Aug services sector output zooms as Covid curbs ease, says PMI

New Delhi (IANS)┬áReceding impact of Covid 2.0 as well as accelerated vaccination drive lifted the growth rate of India’s services output in August, IHS Markit India Services PMI showed on Friday.

Companies, in the data report, indicated the reopening of several establishments and increased consumer footfall boosted sales, which in turn supported the first expansion in output in four months and a rebound in business confidence.

The data showed that firms had ample capacity to deal with rising new orders, but this was a factor that prevented job creation.

Consequently, the seasonally adjusted India Services Business Activity Index rose to 56.7 (index reading) in August as against a reading of 50 in July.

The PMI ranges between 0 and 100, with a reading above 50 indicating an overall increase compared to the previous month.

As per the report, the latest reading pointed to a marked rate of expansion that was the fastest in one-and-a-half years.

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