Though Manufacturing PMI for the November month stood at the highest since October 2016 at 52.6, the services activity slowed down after seeing an improvement post the GST roll out for three consecutive months.
As against the October numbers of 51.7 the Nikkei India Services PMI Business Activity Index dropped to 48.5 on the back of weak customer demand as well as turnout.
The reading below 50 is representative of economic contraction and above is reflective of expansion.
Read more about PMI here.
In respect of the new contract, the contraction has been reported to be modest. So on a combined basis, taking together manufacturing and services output which is determined by the Nikkei India Composite PMI Output Index. The November index stood at 50.3 against October figure of 51.3.