Services PMI rebounds in November

India’s services sector rebounded in November, as new business intakes increased amid subdued price pressures and improving demand, a private sw showed on Wednesday.

- Subhash Narayan

Services PMI rose to 59.8 in November from 58.9 in October.

(Mint)

The HSBC India Services Purchasing Managers’ Index (PMI), compiled by S&P Global, rose to 59.8 in November from 58.9 in the previous month, marking a pickup in growth after the index grew at its slowest pace since May in October.

Despite monthly swings, the index has remained above the 50-point threshold separating expansion from contraction for over four years, signalling the sector's sustained resilience despite headwinds.

“India’s services PMI business activity index rose from 58.9 in October to 59.8 in November, driven by robust new business intakes that fuelled output growth. However, international sales expanded at an eight-month low due to fierce overseas services competition,” said Pranjul Bhandari, chief India economist at HSBC.