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Mar 06, 2013
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Services PMI falls sharply in Feb
Indian services growth eased off the accelerator last month as new orders failed to keep up with January’s blistering pace, a business survey showed on Tuesday, although companies remained optimistic about future business.The HSBC services Purchasing Managers’ Index, based on a survey of around 400 companies, fell to 54.2 in February from a one-year high of 57.5 in January. It was the biggest one-month fall in nearly a year.While the February PMI fell for the first time since November, it has held above the 50 mark that separates growth from contraction since late 2011.Services make up nearly 60% of India’s output and have been the lone bright spot in an otherwise sluggish economy that grew at its slowest pace in December in more than a decade.New orders flooded in at their fastest rate in 18 months during January but the survey showed the pace tailed off last month, with the sub-index dropping to 55.4 from 58.3.
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http://www.financialexpress.com
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