Services sector activity hits 7-month low in October

India’s services sector growth slowed down in October to a seven-month low due to weaker output and new business, according to a survey. The seasonally adjusted S&P Global India Services PMI Business Activity Index dropped to 58.4 in October, from 61 in September. The survey revealed subdued demand and competitive conditions as factors impacting growth. However, the data also showed a strong increase in international orders for Indian services companies, particularly from Asia, Europe, and the US. Higher expenses, including food, fuel, and staff costs, also contributed to the slowdown.