Quote on India services PMI for April 2021 by Mr. Jyoti Roy, Angel Broking Ltd
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Below are Quote on India services PMI for April 2021 by Mr. Jyoti Roy - DVP- Equity Strategist, Angel Broking Ltd
Indian Services PMI for April decreased marginally to 54.0 in April as compared to 54.6 in March despite the second Covid wave. Most people on the street were expecting a bigger drop in the PMI numbers if not a contraction (reading below 50). While this is the slowest reading in the last three months it still points to a solid pace of expansion especially given the second Covid wave. The April manufacturing and services PMI numbers corroborate our view that the economic rebound has been resilient in spite of the second Covid wave and it seems that the restrictions imposed by various states are not having a very large impact on the economy so far. All in all the PMI readings for the month of April have come in as a pleasant surprise.
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