Indian Service Sector grows to eight-month high, positive projections ahead: Survey

New Delhi, July 6 (KNN) The service sector in the country registered a growth to an eight-month high of 53.1 last month, report by Nikkei India Services Purchasing Managers’ Index revealed.

According to the survey the growth in the sector is a positive indication for the industry. Also there are chances of similar trends continuing in the upcoming months. Comparing the data with the data from May, there is an increase from 52.2 per cent to 53.1 per cent in June.

The survey observed that the growth of the sector is a result of the new businesses being created under better demand conditions. It also highlighted that improved marketing strategies that is being adopted by the service sector is another reason for the growth.

In a press interview, Pollyanna De Lima, Economist and also the supervisor of the study informed that the figure from June is highest quarterly average for the composite PMI.  Also there are reports that greater activity in the service sector also resulted in the rise of employment opportunities in the sector.

While the service sector signals positive sign, the manufacturing sector data registered a slowed trend. Growth in the manufacturing sector has slowed down to a four month low last month. (KNN/ DA)