The economy has rebounded: After manufacturing, the service sector is now at the top in 7 years

New delhi date. 05 February 2020 Wednesday

The economic data coming from the last few days is confirming that the country's economy is slowly coming to the brink. Service sector figures have also surged after the manufacturing sector got good news on Tuesday. The growth in service sector activities in the country reached a seven-year high in January.

New orders received

According to a monthly survey, new orders have been received, favorable market conditions and trading booms have led to positive expectations. The IHS Market India Services Business Activity Index (service PMI) stood at 55.5 points in January, up from 53.3 in December. This is the highest level of service PMI in the period from 2013 to 2020.

Paulina Di Lima, chief economist at IHS Market, said that India's service sector is set to rise by the beginning of 2020. This time the status of receiving new orders is also at the best level of seven years. New orders have been received from the domestic market while services exports earlier this year saw a fall. The reason is the weakening of demand in China, Europe and the United States.

Sales increased revenue

Lima said that strong revenue growth has led to increased business revenue and service providers have continued to increase their capacity to meet the demand generated.

This is also good news for job seekers, especially at a time when the manufacturing industry is seeing a growth trend in employment generation after August 2012.

Consolidated PMI also increased

Meanwhile, the consolidated PMI production index stood at 56.3 points in January at a seven-year high. This was up from 53.7 in December.

Integrated PMI output reflects the activities of both the service and manufacturing industries. The PMI denotes the contraction of activities in the area below 50 and the area of ​​activity above 50 digits.