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Financial News: India Private Sector Growth At 8-Month High

India Private Sector Growth At 8-Month High

07/05/2017 - 01:32:00 (RTTNews)

(RTTNews) - India's private sector activity expanded at the fastest pace in eight months in June, survey data from IHS Markit showed Wednesday.

The seasonally adjusted Nikkei India composite output index climbed to 52.7 in June from 52.5 in May. Any reading above 50 indicates expansion in the sector.

The headline Nikkei Services Purchasing Managers' Index also rose to an eight-month high of 53.1 in June from 52.2 in May.

Moreover, the services PMI averaged 51.8 for the first quarter of this year, the highest quarterly figure since the second quarter of 2016.

In contrast to the trend for services, manufacturing lost growth momentum in June.

New orders received by Indian services companies grew strongly in June on improved demand conditions and marketing efforts. Factory orders also increased, but at the weakest rate in four months.

Employment across the services sector rose marginally, but at a rate that equaled May's near 4-year peak. Manufacturing jobs also increased fractionally.

On the price front, input prices inflation faced by services firms accelerated to a 3-month high in June, driven by increased prices of food and fuel.

On the other side, purchase costs at manufacturers rose at the slowest rate since August last year.

Looking ahead, output is expected by services firms to remain on an upward trajectory in the coming 12 months. This was mainly due to better market conditions, the introduction of the goods & services tax and promotional activities.

Despite this, the level of positive sentiment fell to a four-month low in June.

"The falls in confidence levels highlight no easy walk to stronger economic prosperity," Pollyanna De Lima, economist at IHS Markit, said,

"Optimism weakened at goods producers and service providers alike, hampered by concerns among some firms that the goods & services tax could harm consumer demand, with competitive pressures also seen as a threat to the outlook."

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