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India's services growth hits 26-month low in January, but hiring rises
The Business Guardian
|February 06, 2025
India's services sector expanded at its slowest pace in over two years in January 2025, as new business growth weakened and demand momentum softened, according to the HSBC India Services PMI data released on Wednesday.
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However, job creation saw a notable uptick and business sentiment remained positive despite heightened cost pressures.
But, despite the slowdown, the HSBC Services PMI data suggests that India's services sector remains resilient, with solid job creation, strong export growth, and steady business confidence.
However, inflationary pressures and rising competition could act as headwinds in the coming months.
Pranjul Bhandari, Chief India Economist at HSBC, said, "India's services sector lost growth momentum in January, although the PMI remained well above the 50-breakeven level. The business activity and new business PMI indices eased to their lowest levels since November 2022 and November 2023 respectively."
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