India's services PMI at 19-month high in January


Growth in India’s services activity rose at its fastest pace in 19 months in January as demand picked up, a business survey showed today.
The Nikkei/Markit Services Purchasing Managers’ Index (PMI) surged to 54.3 in January from December’s 53.6, marking a seventh month above the 50-level that separates growth from contraction.
Growth was noted in four of the six monitored categories, the exceptions being Hotels & Restaurants and Transport & Storage.
“The Indian economy shifted into a higher gear in January, supported by a quick rebound in manufacturing production following last month’s floods. Concurrently, the service sector gained traction and posted its strongest monthly gain in activity for over one-and-a-half years,” said Pollyanna De Lima, economist at Markit. 
Read Full Article Over Here : Business Standard News

Comments

Post a Comment

Popular posts from this blog

The Flipkart-ebay deal and the high stake battle with Amazon

Image
Flipkart has been and will continue to make acquisitions to increase scale India's top e-commerce firm   Flipkart   has raised $1.4 billion in its biggest fundraising to date as it takes on US tech giant   Amazon.com   Inc for a larger share of the country's burgeoning online retail market. Chinese social media and entertainment firm Tencent Holdings Ltd, the world's biggest software company Microsoft Corp and online marketplace eBay Inc participated in the funding round, Flipkart said in a statement on Monday, which will value the Indian company at $11.6 billion. That is lower than the $15 billion valuation achieved at its last fundraising in 2015, reflecting how competition has intensified in the e-commerce sector as companies vie for a slice of the world's fastest-growing internet services market. Amazon last year said it would invest over $5 billion in India, and has recently expanded into online video and grocery shopping, seeking to expand aggressively
Read more

Amazon now has customers in 100% serviceable pin-codes in India: Jeff Bezos

Image
If things fall in place, then a deal with a major offline retailer might happen by the end of this year, according to a source Amazon might be the most visited shopping site in India, but for Jeff Bezos, the founder and CEO of the technology giant, it is still Day 1 in what may be the second-most important market for the firm outside the US. Bezos, in a letter to customers, said that Amazon now has customers in 100 per cent serviceable pin-codes in the country and is shipping packages from more than 50 fulfillment locations in 13 states. From talking about how Alexa plays devotional songs in local Indian languages to Amazon India working closely with communities in rural areas, Bezos said that the online marketplace has now become part of the country's culture and has adapted all its services and offerings accordingly. Stressing that Amazon India has captured the top spot for the last two years, Bezos pointed out that Amazon is the most visited site in the cou
Read more

Duties on life saving drugs hiked

Image
The government on Friday raised import duty on life saving and bulk drugs used to treat cancer, rabies, Parkinson’s disease among others to help domestic players. The customs department hiked duty on bulk drugs such as Carbidopa and Cefoparazone to 10 per cent from five per cent.  Read Full Article Over Here :  Business Standard News  
Read more