India’s services sector activity contracted for the first time in three months in May as new business orders stagnated and cost pressures intensified amid higher fuel prices.
However, a “bright spot” was that business sentiment was the strongest since January 2015, rooted in expectations of improvements in demand conditions in the year ahead.
The seasonally adjusted Nikkei India Services Business Activity Index fell to 49.6 in May from 51.4 in April, indicating a marginal contraction in business activity, following a two-month period of growth.
The index had last slipped below the 50-point mark, which separates expansion from contraction, in February.
However, a “bright spot” was that business sentiment was the strongest since January 2015, rooted in expectations of improvements in demand conditions in the year ahead.
The seasonally adjusted Nikkei India Services Business Activity Index fell to 49.6 in May from 51.4 in April, indicating a marginal contraction in business activity, following a two-month period of growth.
The index had last slipped below the 50-point mark, which separates expansion from contraction, in February.
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