Growth of India’s services sector slowed in October, while remaining strong overall, supported by resilient demand and Goods and Services (GST) Tax relief. According to data released by S&P Global, the HSBC India Services Purchasing Managers’ Index (PMI) fell to 58.9 in October from 60.9 in September, indicating the slowest pace of expansion since May, as competitive cost pressures and heavy rains in parts of the country led to a lower increase in output.

Notwithstanding the moderation, the reading remained well above the neutral 50 threshold that separates expansion from contraction. The October Services PMI index was comfortably above both the neutral mark of 50 and its long-run average of 54.3.

“India’s services PMI softened to 58.9 in October, which represented the slowest pace of ex

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