India’s services sector activity dropped to a six-month low in October although business confidence strengthened during the month, a private survey has showed.
HSBC’s Purchasing Managers’ Index for services dropped to 50 in October from 51.6 in the month before, according to data released on Wednesday.
A reading above 50 on this survey-based index indicates expansion while below that underlines contraction.”The revival of reforms post recent state elections, if sustained, should lift growth on a broad basis,” said Frederic Neumann, co-head of Asian Economic Research at HSBC.
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