1. Activity in India’s dominant services industry expanded at a slower pace in August as demand softened, according to a business review on Wednesday, although business expectancy hit a one-year high.
The IHS Markit Services Purchasing Managers’ Index declined to 52.4 in August from July’s year high of 53.8, still comfortably above the 50-mark separating growth from contraction and higher than the 51.9 in a Reuters poll of analysts.
But that fall, alongside manufacturing growth at a 15-month low, pushed a composite record down to 52.6 in August from 53.9.
“The weaker PMI accounts for India’s service sector match the trend seen in the construction industry, bringing undesirable news of a cooling marketplace midway through the second part of financial year 2019/20,” said Pollyanna De Lima, principal economist at IHS Markit.
There is barely a day where Market rating agencies or Economist are not suggesting India for its Economic Slowdown.
1. Earlier Former two time Prime Minister of India Dr Manmohan Singh has said the state of the economy was “deeply worrying” and that “all-round mismanagement” by the Modi government has resulted in this slowdown.
2. Dr Singh is also the former RBI Governor and the great economist, Dr Singh save in India from the economic slowdown in the 1990s when India almost under the recession.
3.He also added India cannot afford to continue down this path. Therefore, I urge the government to put aside vendetta politics, and reach out to all sane voices and thinking minds, to steer our economy out of this man-made crisis.
4.Singh assumed it is particularly distressing that the industrial sector’s growth is rolling at 0.6 per cent. This makes it very clear that our economy has not yet rescued from the man-made lapses of demonetisation and a hastily executed GST. Investor attitudes are in the doldrums. These are not the foundations for economic recovery. Mr Singh has requested the Government to put aside vendetta politics and reach out to all rational voices and thinking brains, to drive our economy out of this man-made crisis.