Ease in Covid restrictions, demand lifted India's Oct services output: PMI

New Delhi, Nov 4 (IANS) Ease in Covid-19 restrictions along with fresh demand lifted Indias service sector output October.Accordingly, the seasonally adjusted India Services Business Activity Index showed an increases that ended seven-month sequence of reduction.Consequently, the index rose to 54.1 in October, up from 49.8 in September.Notably, the seasonally adjusted business activity index posted above the 50 (index reading) no-change mark the first time since February.The indices vary between 0 and 100, with a reading above 50 indicating an overall increase compared to the previous month, and below 50 an overall decrease."The latest reading pointed to a solid rate of growth in output that was stronger than its long-run average," the IHS Markit report said.According to panel members, the upturn was supported by improved market conditions amid the loosening of Covid-19 restrictions.
--IANS rv/sn/in