Boom in India’s services sector to aid GDP growth, says Garg
The Nikkei India Composite PMI Output Index rose to 54.5 in November, pointing to the fastest expansion in private sector activity since October 2016
New Delhi: Strong growth in India’s services sector “should augur well for 3rd quarter GDP growth,” economic affairs secretary Subhash Chandra Garg said on Wednesday.
The Nikkei India Composite PMI Output Index, which maps both manufacturing and services sectors — rose to 54.5 in November, pointing to the fastest expansion in private sector activity since October 2016, data released on Wednesday showed. The Composite PMI Output Index in October was at 53.
“Fastest expansion in Composite PMI Output Index in November since October 2016. Rising to 54.5. PMI notes quickest pace of growth in exports in November in last four years. Overall strong increase in business activity and in demand. Should augur well for 3rd quarter GDP growth,” Garg tweeted.
India’s economic growth fell to 7.1% in the second quarter (July-September) of the current fiscal, from 8.2% in the April-June period. The growth was 7.7% in the January-March period.
According to data released last month, India’s exports rose by 17.86% to $26.98 billion in October. During the April-October period of the current fiscal, exports grew by 13.27% to $191 billion.
This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.
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