PMI services expand at a slower pace in March on surge in Covid cases

Activity in India’s services sector continued to expand in March, but at a slower pace with rising Covid-19 cases in the country resulting in lower footfalls and consumer uncertainty, a private survey showed on Wednesday.

The IHS India Services Business Activity Index eased to 54.6 in March from 55.3 in February, suggesting moderation in growth.

The 50-point mark separates expansion from contraction. But it should be noted that the PMI is a month-over-month indicator, showing improvement over the previous month, and not over the previous year.

While new orders saw an expansion in March, some firms mentioned that low footfall,