Scope Of Economic Growth In Indian Service Sectors After 7 MonthsTop Stories

November 04, 2020 14:49
Scope Of Economic Growth In Indian Service Sectors After 7 Months

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The Indian Services Sector has been affected economically because of the lockdown that started in March this year.

According to a data analytics firm, IHS Markit, the purchasing managers index for services has shown an improvement of 5.7% from September.

This is a positive indication in terms of business activities getting back to normal after there has been a relaxation in lockdown rules.

India’s manufacturing PMI showed a strong growth in 13 years. In October, there was a 58.9% growth in sales and this is a clear indication that activities in the manufacturing sector has significantly grown when compared to the service sector.

According to a survey, relaxation in the Covid-19 lockdwon restrictions could help Indian services companies to take up new work and strengthen business activities.

The analytics firm conducted a survey furthermore and they had to say that the rate of input cost inflation rose to an eight-month, but for the provision of services, there hasn’t been a significant rise in prices charged.

One of the economics associate named Pollyanna De Lima, finds it encouraging to witness the Indian service sector recovering from its poor economic conditions caused due to Covid-19.

She added saying "Service providers noted another decline in employment, but anecdotal evidence suggested that efforts to hire had been hampered by labour shortages. Survey participants indicated that workers on leave had not returned and that a widespread fear of covid-19 contamination continued to restrict staff supply.”

By Neha Makhija

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