According to the IHS Markit India, Services Business Activity Index reached a 7-year high of 55.5 in January 2020, from 53.3 in December 2019.
Crux of the Matter
Strong domestic demand has led to expansion of new business and overall output. This is a positive hope for job seekers, particularly in the manufacturing industry which had worsened in the past year.
This uprise is mainly due to favorable market conditions and better underlying demand.
Pollyanna de Lima, Principal Economist at IHS Markit said, “The Indian service sector sprung to life at the start of 2020, defying expectations of fragility and building on to the momentum gained at the end of 2019.”
According to IHS Markit earlier this week, India’s manufacturing activity also has shown an 8-year high in January 2020. Composite PMI Output Index increased from 53.7 in December 2019 to a 7-year high of 56.3 in January 2020.
Adding to these outcomes, RBI’s Monetary Policy Committee meeting has given a sigh of relief to almost all the sectors.
Curiopedia
IHS Markit Ltd is a London–based global information provider formed in 2016 with the merger of IHS Inc. and Markit Ltd. One part of this conglomerate originally was a firm that assigns IMO identification numbers for ships, companies and registered owners. It has since grown to incorporate other companies in the information services sector, many dating back to the late 1700s and 1800s. With more than 1400 employees its revenue as of 2017 stands at US$3.6 billion. More Info
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