Service sector activity slowed in December

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Mumbai, Ta. 06 January 2021, Wednesday

Activities in India's service sector slowed in December due to an increase in corona cases abroad. Corona's rebound affected new orders and employment, according to a Nikkei / IHS market survey report.

India's economy is slowly recovering from the effects of the coronavirus, but it is unlikely to return to its previous level soon. The service sector, which is the engine of the country's economic growth rate and employment, is yet to see the desired improvement.

The Nikkei / IHS Market Purchasing Managers' Index (PMI) for the services sector, which stood at 2.50 in November, fell to 2.30 in December. However, an index above 50 is called an extension of that area. For the third consecutive month in December, the index has been above 20.

The increase in Corona's case has limited service sector companies from receiving new orders, the survey report said. The new cases have created uncertainty in trade activity.

It is now clear that the early months of 2021 will be challenging. The situation will not return to normal until vaccine availability increases, the report said.

Two vaccines have been approved for emergency use in India but it could take several years to vaccinate its 1.50 billion population. The imposition of night curfew in some cities also affected the service sector. There was a further decline in employment among service-providing companies but the pace of decline slowed. Companies are cutting back on recruitment as part of cost cutting due to financial stress.

The manufacturing sector PMI, released on Monday, was also moderately higher than in November.


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