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The United States Pentagon has launched a new task force to look into how generative artificial intelligence can be used for the nation’s defense.

Also Read: Morgan Stanley upgrades India to Overweight citing ‘less extreme’ valuations; downgrades China to Equal-weight "The resilience of the service sector underscores its vital role in fuelling India's economy, with the PMI results for July so far pointing to a notable contribution from the sector to overall GDP for the second fiscal quarter," noted Pollyanna De Lima, economics associate director at S&P Global Market Intelligence. Meanwhile, the manufacturing sector PMI dipped to 57.7 in July, data released on Monday showed.

India's dominant services sector continued its robust performance as total sales rose at the quickest pace since June 2010, PMI data released on Thursday showed. S&P Global's India services purchasing managers' index rose to 62.3 in July from June's 58.5. Analysts at Reuters had pegged a dip to 58.0.

By Horacio Soria and Lucinda Elliott

PMI Business Activity Index to 58.5 in June, compared with 61.2 in May. This is the second month of decline after services PMI had scaled a 13-year high of 62 in April. A value of over 50 denotes expansion. Despite the easing, growth prospects strengthened as firms expected demand conditions to improve. “Demand for Indian services continued to surge higher in June, with all four monitored subsectors registering quicker increases in new business inflows,” said Pollyanna De Lima, economics associate director at S&P Global Market Intelligence. The 400 service firms highlighted healthy demand and marketing initiatives as major contributors for the uptick in new business. The better outlook bodes well for the economy, as manufacturing is expected to ease owing to the global slowdown.

Global Market Intelligence. "This bullish pick-up in growth momentum supported a further sharp upturn in business activity and encouraged another uplift in employment figures, boding well to near-term growth prospects," she added. India's services sector, one of the fastest growing in the world, contributes to over 50% of the country's GDP.

The S&P Global India services Purchasing Managers' Index (PMI) fell to 58.5 last month from 61.2 in May. Data on Tuesday showed that India's manufacturing PMI fell to 58.7 in June from 57.8 in May. As a result, India's composite PMI reading retreated to 59.4 in June from 61.6 in May.

Though lower than the previous month, June marked the second fastest pace of expansion in manufacturing activity in six months. The June PMI data pointed to an improvement in overall operating conditions for 24th straight month. A value of over 50 denotes expansion. “Positive client interest continued to support the manufacturing industry, driving the growth of output, employment, quantities of purchases and input stocks,” said Pollyanna De Lima, economics associate director, S&P Global Market Intelligence. De Lima said PMI results indicate strong domestic and international demand for Indian-made products.

NEW DELHI : Manufacturing activity last month fell for the first time since February 2023 but, supported by rising demand for Indian-made factory products, still notched up the year’s second-fastest rate of expansion, a private survey on Monday said. S&P Global said on Monday that India’s purchasing managers’ index (PMI) for manufacturing fell to 57.8 in June, down from 58.7 in May. A figure of 50 separates expansion from contraction.

India's manufacturing industry expanded at the second-fastest rate this year in June, albeit at a slightly slower pace than in May, supported by robust demand despite higher inflationary pressures, data showed Monday. The S&P Global Manufacturing Purchasing Managers' Index fell to 57.8 in June from May's 58.7. That marked two years of the index being above the 50-mark separating expansion from contraction.

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