NEW DELHI: India’s services sector growth contracted in March after registering the strongest rise in business activity for over seven years in February, as the covid-19 outbreak dented client demand, particularly in overseas markets, according to a private survey.
Services Purchasing Managers’ Index (PMI) fell to 49.3 from 57.5 in February, after rising for five consecutive months, according to the survey by data analytics firm IHS Markit.
A figure of above 50 indicates expansion, while a sub-50 print signals contraction. The manufacturing Purchasing Managers’ Index (PMI) data for March, released last week, showed decline to a four-month low of 51.8 from 54.5 in February.