India’s service sector growth hits 8 month high, surges to 53.2 in October

05 Nov 2015 Evaluate

In a pleasant surprise, India’s service sector expanded at its fastest speed in eight month in October on the back of significant rise in new business orders which hit its highest since February. The seasonally adjusted Nikkei Business Activity index tracking changes in activity at Indian services companies on a month-by-month basis surged to 53.2 in October, from 51.3 in September, marking a fourth month above 50 level that separates growth from contraction. India's economic growth has shifted into a higher gear in October, driven by the services sector.

As per the survey, even though the manufacturing production slipped in October, the seasonally adjusted Nikkei India Composite PMI Output Index which maps both manufacturing and services sectors rose to a 52.6 in October from 51.5 in September, mainly due to rise in new businesses.

The survey reported that the services business sentiment regarding the 12-month business outlook remained positive in October. Services companies in India lowered their selling prices for the second successive month in October, though the pace of reduction was only marginal. Efforts to improve competitiveness were the main reason cited by respondents for the latest decline in tariffs. The sectors which registered falling charges were Post & Telecommunication, Transport & Storage and ‘Other Services’. The reduction in selling prices at services firms offset higher charges at goods producers, and tariffs across the private sector as a whole fell for the second month running.

Meanwhile, the October data indicated that services sector employment was unchanged. About 98 per cent of survey penallist reported no change in payroll members since the preceding month. Goods producers signaled higher staffing numbers, but the rate of job creation was only marginal. The Nikkei survey further highlighted that amid reports of higher prices paid for petrol and food, the average input costs though remained sluggish but rose in both the services and manufacturing sectors.

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