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.
Rosneft, the Russian state-owned oil behemoth, has large interests in India. Reliance has a contract to purchase 500,000 barrels of crude per day from the firm.
Fresh details of operation conducted by IAF, Army have come out in gazette notification giving citations of those who were awarded Vir Chakra for their bravery.
Education, reservations, govt jobs are meant to bring equality and dignity. That we are a long way from that is evident in the shoe thrown at the CJI and the suicide of Haryana IPS officer. The film Homebound has a lesson too.
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