Services sector contracts for 2nd straight month in June: HSBC
Source: PTI Raising concerns about India's economic growth momentum, a survey today showed that the services sector contracted for the second consecutive month in June as new orders declined for the first time in 14 months. The deterioration in the key services sector, coupled with weakening manufacturing output, may add to the clamour for further rate cuts by RBI but comes at a time when rating agencies like Fitch and Moody's have flagged a weak business environment and an urgent need to speed up the reforms. The Nikkei India Services Business Activity Index, which tracks changes in activity at service companies on a monthly basis, fell to 47.7 in June, down from 49.6 in May -- its lowest level since March ...
Production expands at strongest rate in four months: HSBC Report
The Dollar Business Bureau India’s manufacturing PMI (Purchasing Manufacturing Index) is at a four-month high with a positive outlook for solid and quicker rise in incoming new work, said HSBC India Purchasing Managers’ Index. The upturn in the Indian manufacturing sector gathered pace in May, with levels of production and new orders rising at the fastest rates since the opening month of 2015. Meanwhile, a further increase in input costs was seen and, consequently, charges were raised following a decline seen in the preceding month. Up to a four-month high of 52.6 in May, from 51.3 in April, the seasonally adjusted HSBC India Purchasing Managers’ IndexTM (PMITM) signalled a further improvement in business conditions. Furthermore, gains were seen in all three monitored ...
