Slowdown in new work orders decelerated the growth of India's service sector activity in January, an economic data point showed on Tuesday. Accordingly, the seasonally adjusted Nikkei India Services Business Activity Index fell to 52.2 in January from 53.2 in December "indicating a softer expansion in output".
An index reading of above 50 indicates an overall increase in economic activity and below 50, an overall decrease. However, a sharp and accelerated rise in manufacturing production counteracted the slowdown in activity growth across the service economy.
Consequently, the seasonally adjusted Nikkei India Composite PMI Output Index remained unchanged at 53.6 in January, "unchanged from December and indicative of a solid expansion in private sector activity".
(With inputs from agencies.)