Fri, 29 Sep 2023

New Delhi [India], December 5 (ANI): Services activity in India rose at the quickest pace in three months in the month of November, thus supporting a sharp expansion in services output and further job creation.

The SP Global India services purchasing managers' index rose to 56.4 in November from 55.1 in October.

Survey participants linked the latest expansion to demand strength, successful marketing and a sustained upturn in sales, SP Global said in a statement on Monday.

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. According to panellists who participated in the survey, sales were boosted by favourable underlying demand and fruitful advertising, the statement said.

"Indian service providers continued to reap the benefits of strong domestic demand, with PMI data for the penultimate month of 2022 showing faster increases in new business and output. Moreover, expectations of demand buoyancy in the medium-term promoted further job creation," Pollyanna De Lima, Economics Associate Director at SP Global Market Intelligence, said.

"Evidence of stubborn inflation may prompt further hikes to the policy rate at a time when global economic challenges could negatively impact India's growth," Pollyanna De Lima added.

Meanwhile, India's manufacturing sector expanded the fastest in three months in November with the SP Global India Manufacturing PMI at 55.7. In October, the index was 55.3.

The indices vary between 0 and 100, with a reading above 50 indicating an overall increase compared to the previous month, and below 50 an overall decrease.

Demand resilience boosted manufacturing growth in India, with companies noting the quickest increases in new orders and production for three months, SP Global said in a statement last Thursday. (ANI)

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