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Services sector grows at a 21-month high in July : PMI

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The services sector expanded at a 21-month high in July, showed widely-tracked purchasing managers’ index (PMI), justifying the Reserve Bank of India’s (RBI’s) move to hike the policy rate to contain inflation.

The PMI rose from 52.6 in June to 54.2 in July, as new businesses rose at the fastest rise since June 2017. Before this, the PMI was at its peak at 54.5 in October 2016.