August service sector PMI rises to 18-month high
MUMBAI: Policy concerns have eased considerably as the service sector, which accounts for a large share of the country's gross domestic product (GDP), saw a sharp improvement in August. Last month saw a decline in manufacturing activity compared to July. The Purchasing Managers' Index (PMI) of the country's service sector, which stood at 7.50 in July, rose sharply to 8.30 in August, hitting an 18-month high. Service sector activity has increased for the first time in the last four months. After the second wave of Corona softened, most states saw a rebound in the service sector as institutions began to function again. Speed in vaccination has resulted in increased service consumption. Although layoffs in service sector companies continued last month, the rate slowed. The PMI's survey report noted that in addition to speeding up vaccinations, there has been growth in the service sector due to widespread advertising. If this trend continues in the current month, the...