Weak demand decelerates India’s August service sector growth

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Mumbai, Sep 5 (IANS) Weak demand conditions decelerated the growth of India’s service sector in August, a key economic data point showed on Wednesday.

Accordingly, the seasonally adjusted Nikkei India Services Business Activity Index dipped from 54.2 in July to 51.5 in August.

Consequently, the headline seasonally adjusted Nikkei India Composite PMI Output Index which fell to 51.9 in August from July’s 21-month high of 54.1, driven by weaker growth in both the manufacturing and service sectors.

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

–IANS

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