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India's services PMI falls to one year-low of 56.9 in November: S&P Global
Image Credit: UNI

India's services PMI falls to one year-low of 56.9 in November: S&P Global

| @indiablooms | 05 Dec 2023, 11:32 am

New Delhi/UNI: India's services activities continued to expand in November, but pace of growth slowed down during this period.

The S&P Global services Purchasing Managers' Index (PMI) fell to a one-year low of 56.9 in November as compared to 58.4 in October this year.

While a reading above 50 means expansion, the print below 50 shows contraction.

"Despite falling from 58.4 in October to a one-year low of 56.9 in November, the seasonally adjusted S&P Global India Services Business Activity Index pointed to a sharp increase in output across the sector," S&P Global said in a release on Tuesday.

"The increase in Indian services activity extended into November, with cooling price pressures and demand resilience inducing sales growth," the latest PMI survey data from S&P Global showed.

Pollyanna De Lima, Economics Associate Director at S&P Global Market Intelligence, said: "India’s service sector has lost further growth momentum midway through the third fiscal quarter, but we continue to see robust demand for services Fuelling new business intakes and output."

The economist further said, "The current rates of expansion look very healthy when considering their respective long-run averages and the outlook for business activity remains bright in spite of optimism fading due to rising inflation expectations."

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