Rise in new orders accelerates services output: PMI

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New Delhi, April 5 (IANS) A “renewed rise in new work” orders pushed India’s services output higher during March 2018, a key macro-economic data showed on Thursday.

Accordingly, the seasonally adjusted Nikkei India Services PMI Business Activity Index registered an overall increase from 47.8 in February to 50.3 in March, which “signalled that business activity stabilised at the end of the quarter, following the decline seen in February”.

An index reading of above 50 indicates an overall increase in economic activity and below 50 an overall decrease.

Besides, the higher Services PMI figure lifted the overall private sector’s output during March.

Consequently, the seasonally adjusted Nikkei India Composite PMI Output Index rose from 49.7 in February to 50.8 in March, “driven by growth in both the manufacturing and service sectors. The index was consistent with a marginal increase in overall output”.

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