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Services sector contracts for second straight month in August

Wed, Sep 06 2017, 10:55 AM

The Nikkei India Services Purchasing Managers’ Index, a measure of activity in the service sector, inched up to 47.5 in August from 45.9 recorded in the previous month. This is the second straight month it is below its threshold of 50, a sign of contraction, mainly due to the transition to the goods and services tax, effective July 1. Prior to this, the services activity was above 50, or in expansion mode, for five straight months.