India’s services growth picks up in August but stays near four-year low, PMI shows
Bengaluru, Sept 3 (Reuters) – India’s dominant services sector accelerated slightly in August but persistently subdued new business kept overall activity near its weakest in more than four years, a survey showed, though firms ramped up hiring at the fastest pace in over a year. HSBC’s India Services Purchasing Managers’ Index (PMI), compiled by S&P Global, rose to 54.1 in August from July’s 53.3, but was slightly lower than a preliminary estimate of 54.5. A PMI above 50.0 signals expansion in activity. However, the headline reading was fractionally below its long-run average. New business – the survey’s primary demand indicator