The dominant sector of the economy had suffered two straight-months of contraction since September
He emphasised that these two sectors need to work together, as without services, manufacturing cannot succeed and without manufacturing, services cannot grow
He said the services sector has huge potential and it contributes in a significant way to the Indian economy.
In PMI parlance, a print above 50 means expansion while a score below that denotes contraction
The Reserve Bank of India and investment banks such as Goldman Sachs are betting on a revival in private investments in Asia's third-largest economy