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Financial News: India's Private Sector Growth Improves In April

India's Private Sector Growth Improves In April

05/04/2018 - 01:28:00 (RTTNews)

(RTTNews) - India's private sector activity expanded at the sharpest pace in three months in April, driven by faster output growth in both the manufacturing and service sectors, survey data from IHS Markit showed Friday.

The seasonally adjusted Nikkei India composite output index rose to 51.9 in April from 50.8 in March. Any reading above 50 indicates expansion in the sector.

Similarly, the services business activity index climbed to 51.4 in April from 50.3 in the preceding month.

April data pointed to higher order book volumes across India's service sector amid favorable demand conditions. Manufacturing orders grew for the sixth successive month.

Greater output requirement forced services firms to lift their staffing levels in April. Moreover, the rate of job creation was solid and accelerated to the strongest in over seven years.

On the price front, input price inflation faced by the service sector eased to lowest level since August 2017. Output prices also rose at a slower rate and the inflation was the weakest in this year so far.

"The service economy continued to recover further from February's temporary decline," Aashna Dodhia, Economist at IHS Markit, said.

"However, as the service economy contributes a greater proportion to real GDP, and continued to be outperformed by its manufacturing counterpart, overall private sector growth was only modest and below the historical trend."

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