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Services sector output zooms in Aug
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SME Times News Bureau | 03 Sep, 2021
Receding impact of Covid 2.0, as well as the accelerated vaccination
drive, lifted the growth rate of India's services output in August, IHS
Markit India Services PMI showed on Friday.
Companies, in the
data report, indicated the reopening of several establishments and
increased consumer footfall boosted sales, which in turn supported the
first expansion in output in four months and a rebound in business
confidence.
The data showed that firms had ample capacity to deal with rising new orders, but this was a factor that prevented job creation.
Consequently,
the seasonally adjusted India Services Business Activity Index rose to
56.7 (index reading) in August as against a reading of 50 in July.
The PMI ranges between 0 and 100, with a reading above 50 indicating an overall increase compared to the previous month.
As per the report, the latest reading pointed to a marked rate of expansion that was the fastest in one and a half years.
On
the combined level -- manufacturing and services, the Composite PMI
Output Index rose from 49.2 in July to 55.4 in August, pointing to a
renewed increase in private sector activity across India, ending a
three-month period of downturn.
IHS Markit's Economics' Associate
Director Pollyanna De Lima said: "The Indian service sector bounced
back in August, led by the reopening of several establishments and
improved client confidence due to growing vaccine coverage. A
substantial pick-up in domestic demand underpinned the strongest monthly
increase in new business for over eight-and-a-half years and renewed
growth of activity."
"Service providers foresee a brighter
outlook, with firms indicating that the economic recovery could be
sustained if restrictions continue to be lifted and further waves of
contamination can be avoided. This was a notable turnaround in
confidence from July, when companies were pessimistic towards growth
prospects."
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
|
66.20
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64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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