Services index at 3-month low, rate cut likely?

March 03, 2016 11:26

India's economic growth slowed in February and the services sector activity fell to a 3-month low amid subdued growth in new orders, a monthly survey showed today, adding to expectations of a rate cut by the Reserve Bank of India.

The Nikkei Services Business Activity index fell to a 3-month low of 51.4 in February, from 54.3 in January, as increase in prices led to muted demand.

Although new orders at services firms continued to rise in February, the rate of expansion eased to the weakest since last November as firms reportedly faced strong competition for new work during the month, the survey noted.

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