According to the seasonally adjusted HSBC India Services, less than 2% of companies hired new staff, with the majority reporting no change in their workforce compared to June.
The HSBC India Manufacturing Purchasing Managers' Index (PMI) rose to 58.4 in June from 57.6 in May due to a rise in demand for new orders and growing exports, primarily to the US.
Report released Wednesday by HSBC India Services Purchasing Managers' Index highlighted service providers in India attribute strong performance to growth in demand & new business gains.
'Activity growth in India’s service sector accelerated in June... led by an increase in both domestic and international new orders,' noted an economist at HSBC.
The new orders sub-index, which tracks overall demand, rose last month and foreign demand expanded at a quicker rate from February. Output grew at the strongest pace since Dec.
Manufacturers indicated that the ongoing relaxation of Covid-19 restrictions, better market conditions and improved demand helped them to secure new work in October.
The weak reading in October belies any hope for signs of recovery in India's economy given the services industry accounts for more than half of the GDP.
The byelection follows the death of MLA Rajendra Dholakia, a Gujarati businessman-turned-politician of the BJD who also served as a minister in the previous government.
Cooperation Ministry takes a step towards financial inclusion with Sahkar DigiPay and Sahkar DigiLoan. They will enable faster and seamless access to financial services in small towns.
Bihar is blessed with a land more fertile for revolutions than any in India. Why has it fallen so far behind then? Constant obsession with politics is at the root of its destruction.
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