July sees strongest service sector growth since October 2016: PMI

India's services sector activity remained in the growth territory for the second consecutive month in July, as business activity witnessed the strongest growth since October 2016 amid improved demand conditions, says a monthly survey.
 

The seasonally adjusted Nikkei India Services Business Activity Index rose from 52.6 in June to 54.2 in July, as new businesses rose at the fastest rise since June 2017.
 

In PMI parlance, a print above 50 means expansion, while a score below that denotes contraction.
 

"July data was encouraging as the service sector observed the best performance since October 2016, underpinned by the strongest gain in