Go Unlimited with Magzter GOLD
Get unlimited access to 10,000+ magazines, newspapers and Premium stories for just
Try GOLD - Free
June services PMI hits 3-mth low, still in expansion zone
Mint Mumbai
|July 06, 2023
India's services sector contracted to a three-month low in June but remained buoyant amid strong demand, a private survey said on Wednesday.
S&P Global said India's services Purchasing Managers' Index (PMI) fell to 58.5 in June from 61.2 in May, and 62 in April. It was lower than a Reuters poll prediction of 60.2 for June. A figure of 50 separates expansion from contraction.
To be sure, services PMI-an indicator of new projects and orders-has held firm in the expansion zone since August 2021, its longest such stretch since August 2011.
This story is from the July 06, 2023 edition of Mint Mumbai.
Subscribe to Magzter GOLD to access thousands of curated premium stories, and 10,000+ magazines and newspapers.
Already a subscriber? Sign In
MORE STORIES FROM Mint Mumbai
Mint Mumbai
RBI must not become a fiscal stabilizer for the Centre
India’s central bank has quietly become a key pillar of macroeconomic stability. It is not just a monetary authority, but increasingly playing a role as a fiscal shock absorber.
3 mins
May 19, 2026
Mint Mumbai
Policymakers must aim to shield the vulnerable
Rising inflation and the Prime Minister's warning on the risk of people being pushed back into poverty call for deliberation. Fiscal and monetary policy will have to work in tandem
2 mins
May 19, 2026
Mint Mumbai
Capital gains tax cut for FPIs not on govt agenda
India is not considering a cut in capital gains tax on foreign portfolio investors (FPIs) in the country at this point in time as a measure to stem capital outflows from the country, a top government official aware of the matter said.
2 mins
May 19, 2026
Mint Mumbai
TCS asks managers to classify 5% staff as underperformers
A month after completing its biggest retrenchment exercise, Tata Consultancy Services Ltd (TCS) asked managers to classify roughly 5% of employees in the company’s lowest performance band during the latest appraisal cycle, according to an internal email reviewed by Mint and confirmed by an executive.
3 mins
May 19, 2026
Mint Mumbai
Rupee trajectory: it'll depend on how long the West Asia war lasts
Moves to attract capital could reverse the downward pressure exerted by outflows on the currency
3 mins
May 19, 2026
Mint Mumbai
CRUEL SUMMER: PROFIT SLUMP FOR CORPORATE INDIA
The Iran war's economic shock is eroding margins at India Inc. each passing day. Be ready for dented Q1 FY27 results.
7 mins
May 19, 2026
Mint Mumbai
Rural rebound runs into cost, rain risks
After strong Q4 show, fears over oil, monsoon cloud outlook
3 mins
May 19, 2026
Mint Mumbai
Vi draws up ₹1 tn cash strategy amid dues, capex push
Telecom operator Vodafone Idea Ltd on Monday laid out an ambitious financial roadmap to generate and secure over ₹1.08 trillion in cash over the next three years, betting on a sharp rise in operating earnings, possible bank debt funding, income tax-related recoveries and promoter support to fund its turnaround.
1 mins
May 19, 2026
Mint Mumbai
Apple is making hit products and high profits from imperfect chips
The $599 Neo laptop is among dozens of Apple devices using lower-performing processors
4 mins
May 19, 2026
Mint Mumbai
Oman FTA may commence in June as India eyes $1 tn export this fiscal
India’s proposed free trade agreement (FTA) with Oman is likely to come into force from 1 June, commerce and industry minister Piyush Goyal said on Monday, as the government sharpens its export-led growth push while strengthening domestic manufacturing to reduce import reliance amid global trade uncertainties.
2 mins
May 19, 2026
Translate
Change font size