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Service Industry of India returns to modest growth in July

In July, the service industry of India bounced back to growth according to a private survey.

On Tuesday, the Reserve Bank of India has kept its policy rate on hold at 7.25 percent leaving the door open for further easing depending on the inflation outlook.

Andrew Harker, senior economist at survey compiler Markit said, “While it was welcome news to see a return to growth of activity in the Indian service sector during July, we are still looking at a modest improvement at best”.

“When looking at the manufacturing and service sectors together, weak inflationary pressures and modest growth tend to support a more accommodative monetary policy environment.”

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