Services sector growth at 5-month low in Oct

SUBDUED EXPANSION @ October's index number at 58.9 was marginally lower than 59.3 recorded in August m Competitive pressures and heavy rains were cited as contributors to the sequential slowdown & Despite factors like demand buoyancy and GST relief, competition and heavy rains constrained growth

- FE BUREAU

INDIA'S SERVICES SECTOR recorded the slowest pace of expansion in five months in October, as competitive pressures and heavy rains in parts of the country led to a slower increase in output, according to a monthly survey released on Thursday.

Yet, the seasonally adjusted HSBC India Manufacturing Purchasing Managers’ Index in October at 58.9 was higher than 57.7 in September.

Significantly, October was the first full month, after the sweeping Goods and Services Tax (GST) cuts were implemented, and it was also the peak festive period.