Weak sales contract India's June services' output

Mumbai, July 3 (IANS) Broadly stagnant sales contracted India's service sector output during June, according to the IHS Markit India Services Business Activity Index. According to survey participants, weak sales, competitive pressures and unfavourable taxation hampered output. Consequently, the index reading fell from 50.2 in May to 49.6 in June, the first fall since May 2018. An index reading of above 50 indicates an overall increase in economic activity and below 50 indicates an overall decrease. Similarly, the seasonally adjusted IHS Markit India Composite Purchasing Managers' Index (PMI) Output Index fell from 51.7 to 50.8 in June. "Sector data showed a softer upturn in factory output and a decline in services activity," the index report said.
--IANS rv/mag/