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 ...
