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Services growth surged to 3-month high in Apr on improved demand: PMI data

The service sector plays a crucial role in India's economy as it contributes about 60% to the country's GDP

Reuters  |  Bengaluru 

Activity in India's dominant service sector accelerated in April thanks to a pick up in new business that encouraged firms to hire at the fastest pace in seven years, a private survey showed on Friday. Indications of solid services and manufacturing growth, supported by improved demand, suggest Asia's third-largest economy is motoring along nicely as it shrugs off disruptions caused by a goods and services tax (GST) and demonetisation. The Nikkei/IHS Markit Services Purchasing Managers' Index rose to a three-month high at 51.4 in April from March's 50.3, holding ...

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First Published: Fri, May 04 2018. 11:22 IST