India's services sector growth eases in February on softer expansions in business activity, sales
The Hindu
India's services sector growth moderates in February, with business activity, sales, and jobs showing softer expansions.
The services sector growth in India moderated in February amid softer expansions in business activity, sales and jobs, a monthly survey said on Tuesday, March 5, 2024.
The seasonally adjusted HSBC India Services Business Activity Index registered 60.6 in February, down from 61.8 in January.
In Purchasing Managers' Index (PMI) parlance, a print above 50 means expansion, while a score below 50 denotes contraction.
"India's services PMI suggests that the pace of expansion in the services sector eased in February from January," said Ines Lam, Economist at HSBC.
According to the survey, the business activity index eased in February, but remained historically strong.
New business from abroad placed with services firms in India rose for the thirteenth successive month. Survey participants reported gains from Australia, Asia, Europe, the Americas and UAE.
Business confidence regarding the year-ahead outlook for activity weakened in February. Still, around 26 per cent of companies foresee a growth and only 2 per cent anticipate a fall.
Markets tumble as Sensex and Nifty decline, with investors wary of foreign fund outflows and muted earnings.
Johnson & Johnson introduces TECNIS PureSee IOL for presbyopia in India, offering high-quality vision and reduced visual symptoms.
PMI Electro Mobility raises ₹250 crore for electric buses, accelerating growth plans with consortium investment.
India's wholesale price inflation slightly eased to 2.31% in January, driven by food and manufactured costs, with fuel prices in deflation.
AI could one day allow people to continue conversations with their loved ones after their death, said Sebastian Thrun, founder of Google X.
India considering liberalized air service agreement with Singapore, potentially allowing more flights and airport access.
February 13 saw a huge turnout, and the police expect this number to go up on February 14.
Sensex and Nifty rise on optimistic trade pact news, US market rally; key gainers include ICICI Bank, Infosys.
Elon Musk says he will abandon his $97.4 billion offer to buy the nonprofit behind OpenAI if the ChatGPT maker drops its plan.
Union Finance Minister Nirmala Sitharaman assures control over food prices in 2025, monitoring inflation to protect citizens.
BSE Sensex and NSE Nifty close lower amid global cues, retail inflation dip, and foreign fund outflows.
RBI Governor emphasizes NBFCs' role in inclusive development, customer protection, and financial stability, urging participation in ULI.
JPMorgan Chase begins job cuts as part of planned reductions, with fewer than 1,000 employees affected in February.