Declining momentum Services PMI hits seven-month low of 54.3 in September

 Declining momentum Services PMI hits seven-month low of 54.3 in September

The services sector accounts for the largest share of India's Gross Value Added (GAV) with over 54 percent

The sharp depreciation of the rupee at the end of the month on account of hike in interest rates in the US presents additional challenges for the Indian economy.

After showing some weakness in the manufacturing sector, the services sector also lost momentum in September as the Purchasing Managers' Index slowed to 54.3 against 57.2 in August. This is the lowest level in seven months.

The services sector accounts for the largest share of India's Gross Value Added (GAV) with over 54 per cent.