Activity in the Indian service sector expanded at a markedly slower pace in March, data from a survey by Markit Economics and HSBC Bank showed Wednesday.
The seasonally adjusted purchasing manages' index (PMI) for the service sector dropped to 52.3 in March from 56.5 in February. A PMI reading above 50 indicates expansion in the sector, while one below suggests decline.
New business received by Indian service providers increased at the weakest pace in four months in March, hurt mainly by rising prices. Backlogs of work rose for a ninth consecutive month. Meanwhile, outstanding business in the service sector remained unchanged during in March.
Employment in the service sector increased marginally in March. Output prices continued to rise solidly. Indian service companies were optimistic in March that activity would rise over the next year.
At the same time, the composite output index, which measures performance of both the manufacturing and service sectors, declined to a four-month low of 53.6 in March from 57.8 in February.
For comments and feedback contact: editorial@rttnews.com
Economic News
What parts of the world are seeing the best (and worst) economic performances lately? Click here to check out our Econ Scorecard and find out! See up-to-the-moment rankings for the best and worst performers in GDP, unemployment rate, inflation and much more.
June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.