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India's services PMI for September has come in above 50 for the 14th month in a row
India's services sector expanded at the weakest pace since March, survey data released October 6 showed.
The sector expanded for a 14th month in a row in September, with the S&P Global India Services Purchasing Managers' Index (PMI) coming in at 54.3 last month.
A reading above 50 indicates expansion in activity while a sub-50 print signals contraction.
The services PMI was 57.2 in August.
"The Indian service sector has overcome many adversities in recent months, with the latest PMI data continuing to show a strong performance despite some loss of growth momentum in September.," noted Pollyanna De Lima, Economics Associate Director at S&P Global Market Intelligence.
India's key inflation rate, as measured by the Consumer Price Index (CPI), returned to 7 percent in August from July’s five-month low of 6.71 percent. The Reserve Bank of India is now just one month away from failure, with CPI inflation having been outside the central bank's 2-6 percent tolerance range for all of 2022.
The RBI is deemed to have failed if CPI inflation is outside the 2-6 percent range for three consecutive quarters. It averaged 6.3 percent in January-March, 7.3 percent in April-June, and will exceed 6 percent again in July-September.
The central bank has raised interest rates sharply since early May in a bid to curb inflation. It is expected to tighten policy again when its rate-setting panel meets in December.