Indian Services PMI witnesses strong growth; jumps to 56.4 in November
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India’s services sector witnessed strong growth in the month of November, as business activity and sales rose at faster rates. As per the survey report, the seasonally adjusted S&P Global India Services PMI Business Activity Index surged to 56.4 in November from 55.1 in October. Further, the S&P Global India Composite PMI Output Index -- which measures both manufacturing and services -- improved to 56.7 in November from 55.5 in October.
The report further noted that new orders placed with service providers in India rose for the sixteenth consecutive month in November. The rate of expansion was marked and the fastest since August. Sales were boosted by favourable underlying demand and fruitful advertising. The rise in total new orders was supported by a renewed increase in international sales. November data showed the first upturn in new business from abroad since the onset of COVID-19 in early-2020.
Sustained expansions in new work intakes and demand buoyancy continued to promote job creation in the service economy. Employment rose at a solid pace that was among the quickest in over three years. On the inflation front, there was another substantial increase in input costs, the second-fastest since July, which underpinned the strongest upturn in selling charges in just under five-and-a-half years.
