Services sector hit by challenging market conditions in April: PMI

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Services sector hit by challenging market conditions in April: PMI

Mumbai, May 4 (IANS) India’s services sector, which continued to expand for the third successive month in April, registered the lowest reading during the three-month period as challenging market conditions hampered growth, key macro-economic data revealed on Thursday.

The Nikkei India Services Purchasing Managers’ Index (PMI) stood at 50.2 in April, down from 51.5 in March and compared to 50.3 in February.

An index reading of above 50 indicates an overall increase, while below 50 an overall decrease.

“April PMI data for the Indian service sector show how jittery the current economic environment is, igniting concerns among some businesses, despite remaining in growth territory. Slower and only marginal increases in new work and activity were seen, with these indicators close to the stagnation mark,” said Pollyanna De Lima, economist at IHS Markit and author of the report.

“Firms were cautiously optimistic towards future performance, and have been so for a while.”

This is published unedited from the IANS feed.