New Delhi. In the month of September, the growth of the service sector has fallen to a 10-month low. It is believed that this decline in the growth of the service sector is due to tremendous competition, decrease in export demand and pressure on costs. Like the service sector, the growth of the manufacturing sector has also fallen to its lowest level in 8 months in the month of September.
According to a report by HSBC, the Services PMI (Purchasing Managers Index) in India has declined to the level of 57.7 in the month of September, whereas the Services PMI was at the level of 60.9 in the month of August. Similarly, the growth of the manufacturing sector has also declined in the last month. This month, manufacturing sector activity has reached its lowest level of 56.5 percent in 8 months. Due to this decline, India’s composite PMI has also come down to the level of 57.1. Composite PMI is the average of manufacturing PMI and services PMI.
It is being told that due to lack of export demand, tremendous competitive environment and pressure on costs, HSBC India Services Business Activity Index has gone below the level of 60 for the first time in the last 9 months. It is a matter of relief that it still remains above the minimum limit of expansion at 50 level.
Rajiv Khanna, associated with the service sector, says that India’s composite PMI data shows that the pace of expansion in the service sector and manufacturing sector in India has slowed down in the month of September but it still remains above its long term average. Is. This is the reason that despite the immediate decline, there are positive expectations about the times to come.
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