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India's Service Sector Activity Expands At The Fastest Pace In 4 Months In November

By Staff

India's service sector returned to growth in November, expanding at the fastest pace in four months. The IHS Markit India Services Index rose to 52.7 in November from 49.2 in the previous month.


The 50-mark in the monthly index separates contraction from growth.

PMI: Service Sector Activity In India Expands Fastest In 4 Months In November

"The main positive to be taken from November's survey was a renewed increase in new work, which provided the platform for growth of services activity and employment whilst resulting in an improvement in business confidence," said Pollyanna De Lima, principal economist at IHS Markit, in a press release.

Earlier this week, manufacturing PMI was reported at 51.2 for the month of review as against 50.6 in October. The composite PMI, a measure of manufacturing as well as services sectors, rose to a four-month high of 52.7 in November from 49.6 in the previous month.

The survey results bring positivity on the economic growth front especially after India's GDP (gross domestic product) growth for the second quarter of 2019-20 was reported at a 6-year low of 4.5 percent last week.

Market watchers now await the results of RBI's on-going monetary policy review due on Thursday. Most economists expect the central bank to make another repo rate cut to push growth.

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