Mumbai, June 5 (IANS): India's service sector recovered last month due to a faster pace of new business generation and historically muted inflationary pressure, a key macro-economic data showed on Monday.
The seasonally adjusted Nikkei India Services PMI Business Activity Index registered a higher rate of expansion at 52.2 in May, up from April's 50.2. An index reading of above 50 indicates an overall increase in economic activity, and below 50 an overall decrease.
The higher Services PMI coupled with Nikkei India Manufacturing PMI led to an accelerated growth in overall activity of India's private sector.
Consequently, the Nikkei India Composite PMI Output Index reached a seven month high of 52.5 last month from 51.3 in April.