Mumbai: A survey report said that despite a slow increase in service fees by service providers, the activity of the service sector in March was slightly slow. Employment generation also declined as a result of dull demand.
The HSBC Purchase Manager Index (PMI) fell from 59 in February to 58.50 last month for the service sector compiled by S&P Global. However, the index above 50 is considered an expansion in that area.
The demand has been sluggish as compared to February, however the demand situation at domestic and international level remains strong. The domestic demand has been the main driver of the services sector, and the growth of new business has also been strong, although its speed has been slow compared to February.
The report said the demand from abroad has been sluggish and the increase in international orders has come to a 15 -month low, which are early signs of change in the global economy from the tariff war waged by US President Donald Trump.
Inflationary pressure caused by raw materials has come down and raw material prices have increased at the fastest in the last five months. As a result, the lowest increase in service fee since September 2021 amidst acute competition.
Given the competition, the business spirit has declined for the next year. The report also said that the new recruitment rate has slowed down. The activity of the country’s manufacturing sector reached an eight -month high in March, while in February it was at the lowest level.
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