India Services Growth Accelerates In November

(RTTNews) - India's service sector growth rebounded in November as new orders and output grew at faster rates, final data compiled by S&P Global showed on Wednesday.

The seasonally adjusted HSBC India Services PMI rose to 59.8 in November from 58.9 in October. The flash score was 59.5. A score above 50.0 indicates expansion.

New orders grew at a faster pace than in October, while new export orders rose at the weakest pace in eight months. Fierce international competition and the supply of cheaper services elsewhere constrained international sales growth.

Employment in the Indian services economy grew only moderately in November due to the absence of pressure on firms' operating capacities.

On the price front, input prices showed a marginal increase amid rising costs for electricity, food, rent, and software subscriptions. Nonetheless, the rate of inflation eased to the lowest since August 2020. Similarly, the overall charge inflation was trivial.

The composite output index dropped to 59.7 in November from 60.4 in October, indicating a slight slowdown in India's private sector economy.