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India Services Sector Contracts For Second Month

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India's services sector contracted for a second consecutive month in October, due to muted demand, a private business survey showed on Tuesday, driving business optimism to a near-three year low. tHE Nikkei/IHS Markit Services Purchasing Managers' Index edged up to 49.2 last month from 48.7 in September, but it continued to remain below the 50-mark threshold separating contraction from growth on a monthly basis.

The last time services activity contracted for two consecutive months was in August 2017, after the implementation of a Goods and Services Tax (GST).

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, November 05 2019. 12:29 IST