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Reuters
India’s services growth loses some steam in March, input cost inflation eases
Growth in India’s dominant services industry eased last month from February’s 12-year high due to a softer expansion in demand, according to a private survey, which also showed input cost inflation falling to its lowest since September 2020. The S&P Global India services Purchasing Managers’ Index fell to 57.8 last month from 59.4 in February, lower than a Reuters poll forecast of 58.3. “India’s service sector built on to the momentum gained in February with further increases in new business intakes and output…However, manufacturing has retaken the mantle as the main driver of growth,” said Pollyanna De Lima, economics associate director at S&P Global Market Intelligence.
