India's service sector activity falls to 6-month low

October 06, 2022 11:34

The Indian services sector activity fell to a six-month low in September, as new business inflows rose at the slowest rates since March, amid inflationary pressures and competitive conditions, a monthly survey said.

The seasonally adjusted S&P Global India Services PMI Business Activity Index fell to 54.3 in September, from 57.2 in August, highlighting the weakest rate of expansion since March.

For the 14th straight month, the services sector witnessed an expansion in output. In Purchasing Managers' Index (PMI) parlance, a print above 50 means expansion, while a score below 50 denotes contraction.

"The Indian service sector has overcome many adversities in recent months, with the latest PMI data continuing to show a strong performance despite some loss of growth momentum in September," said Pollyanna De Lima, Economics Associate Director at S&P Global Market Intelligence. The upturn was reportedly restricted by price pressures, an increasingly competitive environment and unfavourable public policies, the survey said.

Lima further noted that the steep depreciation of the rupee seen towards the end of the month due to interest rate hikes in the US present additional challenges to the Indian economy. -- PTI

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