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Service sector growth extends into new year: IHS Markit ANI | Updated: Feb 03, 2021 13:38 IST
New Delhi [India], February 3 (ANI): The Indian service sector continued to expand in January with growth of new work and business activity quickening since December, according to the latest IHS Markit Services Purchasing Managers Index (PMI) released on Wednesday.
Moreover, the launch of the coronavirus disease 2019 (Covid-19) vaccine programme boosted optimism towards the 12-month outlook for output. However, employment declined further, while exports contracted sharply.
On the price front, there was a slower rise in input costs and prices charged for the provision of services decreased again.
Sensex Jumps over 550 Points to Hit All-time High After Services Sector Improves
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Indian shares hit record highs on Wednesday and extended their post-budget rally, after a survey showed the country’s dominant services sector picked up in January as demand improved.
The NSE Nifty 50 index rose 1.07% to 14,804.05 by 0515 GMT, while the benchmark S&P BSE Sensex was up 1.01% at 50,298.31. Both Nifty and Sensex touched all-time highs after rising 1.2% and 1.1%, respectively.
The Nikkei/IHS Markit Services Purchasing Managers’ Index rose to 52.8 in January from 52.3 in December, although firms continued to shed jobs.
The Nifty Pharma index was up 3.2%, led by gains in Dr.Reddy’s after a report said Russia’s Sputnik V COVID-19 vaccine would be granted emergency use authorization in India soon. The drugmaker has a partnership with the Russian Direct Investment Fund to distribute the vaccine in India.
Economic Survey 2020-21: Key takeaways
Chief Economic Advisor KV Subramanian
(ANI)
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Union Minister for Finance and Corporate Affairs, Nirmala Sitharaman presented the Economic Survey 2020-21 in the Parliament today.
The key highlights of Economic Survey 2020-21, which is dedicated to the COVID Warriors, are as follows:
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US employers slashed 140,000 jobs in December 2020, the first monthly decline in employment since April 2020, as recent Covid-19 spikes have stalled the recovery of the labour market, an official report said."The decline in payroll .