India’s service sector activities declined for the second straight month in October and business confidence was impacted amid concerns that challenging economic conditions might linger, says a report. The IHS Markit India Services Business Activity Index stood at 49.2 in October and a reading below 50 indicates contraction.
“Indian service sector activity declined for the second straight month in October, the first back-to-back reduction since the second quarter of fiscal year 2017/18. “New business stabilised, following contraction in September, while job creation moderated. At the same time, concerns that challenging economic conditions will linger dragged business confidence to its lowest level in close to three years,” the report released on Tuesday said.