India's services PMI dips to 52.0: March 2019

India’s dominant services industry last month grew at its slowest pace since September, hampered by a weaker expansion in domestic demand that dragged the pace of hiring to a six-month low.

The Nikkei/IHS Markit Services Purchasing Managers’ Index fell to 52.0 in March from 52.5 the previous month but remained above the 50 mark separating growth from contraction for a 10th consecutive month.

Although foreign demand improved last month after contracting slightly in February, a sub-index tracking overall demand slipped as firms raised prices more quickly - despite a decline in the rate of input price inflation.

A slowdown in the growth in services activity, alongside weaker manufacturing expansion, led the India composite index to fall to a six-month low of 52.7 in March - the lowest since September - from February’s 53.8.

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