GST impact: Services sector growth at 4-year low in July

The Nikkei India Services PMI Business Activity Index plunged to 45.9 in July, from an eight-month high of 53.1.

The roll-out of goods and services tax (GST) had its impact on the services sector, with its activity in July falling to its lowest level in four years.
 
The Nikkei India Services PMI Business Activity Index plunged to 45.9 in July, from an eight-month high of 53.1.
 
An index reading above 50 indicates expansion, while an imprint below the benchmark denotes contraction.
 
 “The launch of the GST was mentioned by services firms as having caused a contraction in new work, leading to lower activity,” a Nikkei statement noted on Thursday.
 
The Reserve Bank of India, on Wednesday, cut its interest rate by 25 basis points to spur economic growth.
 
Source: Media reports 

Event date: 
Friday, August 4, 2017

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