Economy News

Job cuts continues in India but, Indian service sector improves

The Indian service sector is witnessing good growth as the sector has picked up in the last month.

With increased and improved demand in the market and also the consumer optimism has been lifted up with the vaccine drive.

Moreover, many firms still continued to lay off as per the available survey data. The index of Nikkei/IHS Markit Services Purchasing Managers has increased to 52.8 in January 2021.

This index was previously settled at 52.3 in December 2020. It is currently staying above the 50-level mark for the fourth consecutive month.

However, many Indian private firms continued to cut off employees but on the contrary many Indian firms also emerged in the market.

Indian service sector has witnessed very good activity levels in January. Many new business volumes are emerging in a rally of four months straight.

Growth rates are picking up from both the measures according to a report of IHS Markit.

There is a quicker growth in the Indian service sector along with strong recovery in manufacturing ventures. It has helped the composite PMI to reach at 54.9 level within January.

Many organizations have also reduced their prices to increase their sales despite the current prevailing situation.

There are high hopes for further business improvements after the full-fledged vaccination in the country.

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