(MENAFN) Services firms in India have seen a slight improvement in September compared to the previous four years. However, its activity is still weak as new orders are shrinking, according to Gulf Daily News.
Many Indian major banks saw a rebound in contraction for the fourth consecutive month.
Leif Eskesen, chief economist for India at HSBC, said: "The continued contraction in service sector activity is testament to the dampening effects of the heightened macroeconomic uncertainty, which is making businesses and consumers more cautious about spending."
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