Fear of increased incidence of Covid-19 infection, sluggishness in service sector activities: Survey

464574774services-sector-activities-ease-due-to-covid.jpg

By: Jeet Ghosh

Last Update: 2021-04-07 14:08:19 IST

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The confidence of businessmen has increased with the introduction of vaccination campaign. Due to this, the index remained above 50 for the sixth consecutive month in March. If the index is above 50 means there is a sign of growth and if it is below 50 then there is a sign of a fall in production.

The services sector activity in India slowed down slightly in March due to the rise in Corona virus infection and cost overruns. A survey has revealed this information. The India Services Business Activity Index declined from 55.3 in February to 54.6 in March. Although activity has been somewhat sluggish compared to the previous month, it shows growth for the past six consecutive months.

The start of the vaccination campaign for the prevention of corona virus epidemic has increased the confidence of businessmen. Due to this, the index remained above 50 for the sixth consecutive month in March. If the index is above 50, it indicates an increase, and if it is below 50, there is a sign of a decline in production. 

Assistant director (economics) at IHS Market, said demand has increased due to the elections, but challenges have been exacerbated by the Covid-19 pandemic and movement prevention. Lima warned that a significant slowdown could occur in April as the outbreak of epidemics and increasing containment.

In relation to employment, service companies recorded another drop in payroll numbers during March. The survey states that companies expect business activity to increase over the coming 12 months. Meanwhile, growth in Indian private sector production declined in March. 

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