India's services PMI dips to six-month low of 52.0 in March on weak demand

India’s dominant services industry last month grew at its slowest pace since September, hampered by a weaker expansion in domestic demand that dragged the pace of hiring to a six-month low, a private survey showed.

The Nikkei/IHS Markit Services Purchasing Managers’ Index fell to 52.0 in March from 52.5 the previous month but remained above the 50 mark separating growth from contraction for a 10th consecutive month.

The index change “was partly caused by waning new business growth, with further increases to output prices perhaps contributing to the slide,” noted Pollyanna De Lima, principal economist at IHS Markit.

Although foreign