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Business EconomyPosted at: Jan 6 2016 7:46PM


Service sector boosts economic activity in December:Survey

New Delhi, Jan 6 (UNI) Services sector activity boosted the overall economic activity in India during December, a business survey showed.
The Nikkei India composite PMI which is a key macro data that indicates monthly trends in overall economic activity rose to 51.6 in December from 50.2 in November.
An index reading of above 50 indicates an overall increase in the economic activity, while below 50 an overall decline.
The composite PMI weighs the average of the manufacturing output index and the services business activity index. It is based on original survey data collected from around 700 companies spread across sectors in India.
The composite PMI report published by the leading global diversified provider of financial information services -- "Markit" said that the latest improvement was driven by services, as sentiment turned positive for the sector.
However, manufacturing production declined for the first time since October 2013.
"The private sector returned to expansion territory at the end of 2015, making out modest output growth in December," said Pollyanna De Lima, economist with Markit.
"A stronger rise in new business and an improvement in year-ahead expectations at service providers are positive developments, but the overall health of the economy remains fragile amid a weak manufacturing sector."
On a standalone basis, the Nikkei India manufacturing PMI recorded a 28-month low in December at 49.1, down from 50.3 reported in November.
The Nikkei services business activity index for December stood at 53.6 from November's 50.1.
The services index noted growth in four out of the six surveyed categories, led by 'other services' and financial intermediation.
The survey revealed an increase in new business inflows and improvement in demand conditions for the services sector.
Notwithstanding the rise in new business generation, services sector employment levels remained unchanged.
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