 "An employee prepares a room for guests at the Four Points hotel in Ahmedabad. Photo: Reuters")
The services sector, which is a dominating part of India's economy, may record a gradual recovery in the fourth quarter after it was hit hard by demonetisation in the third quarter, showed Nikkei's purchasing managers' index (PMI) survey. However, the services sector firms still laid off workforce in February as the recovery was fragile and not broad-based.
PMI for services rose to 50.3 points in February, which meant expansion, after three months of remaining below 50, which signified contraction.
PMI averaged 49.3 points in the third quarter of the current financial year, while it stood at 49.5 points in the first two
