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With deterioration in business conditions, the Nikkei India Services Business Activity Index fell to a seven-month low of 47.8 in February. It stood at 51.7 in January. “The headline figure signalled the first fall in output for three months, but one that was modest,” said Nikkei in a statement on Monday, adding that most panelists blamed poor underlying demand conditions for the decline.
With the decline in services activity, the Nikkei India Composite PMI Output Index fell to 49.7 in February from 52.5 in January. A reading above 50 on the index indicates expansion, while one less than that shows decline.
According to the survey, there was a modest fall in new business. But, firms remained confident about output growth over the next 12 months as jobs growth quickened to the joint-fastest since June 2011.
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