India's service sector PMI drops to 7-month low
The Nikkei India Services Purchasing Managers' Index (PMI), which maps the service sector activity, fell to a seven-month low of 50.3 in June, as compared to 51 in May, amid strong competitive pressures. Further, the growth of new businesses in services dropped to the slowest in 11 months, analysts said. A reading of 50 distinguishes expansion from contraction.