look news india
Mumbai: In the current month of November, the economic activities in the country, especially the service sector, are showing strong performance. On the performance of the country’s manufacturing and services sectors, the HSBC Flash India Composite Output Index for November stood at 59.50, up from 59.10 in October. This composite index provides estimates of the performance of the manufacturing and services sectors for the month of November.
As a result of growth in new trade and exports, the overall index was seen at a three-month high, the survey report said.
However, as performance has improved, costs have also increased, forcing companies to raise the prices of their services and goods. The sale price has seen the highest increase since February 2013.
According to initial estimates, the Purchasing Managers’ Index (PMI) of the manufacturing sector stood at 60.20 in November, which was 60.40 in October. At the same time, the preliminary PMI of the services sector has been 59.20 which was 58.50 in October.
The report also said that the amount of employment creation in the services sector has so far been the highest compared to the manufacturing sector.
Strong demand in domestic and export markets led to strong growth in orders in the manufacturing and services sectors. Due to increasing workload, companies have intensified the recruitment of employees. The current November employment rate is the highest since the PMI was prepared in December 2005.
On the other hand, due to increase in the price of raw materials, companies in the service and manufacturing sectors have been forced to increase prices. This is the sharpest increase in prices since February 2013.
Business optimism has also increased, with business confidence reaching a six-month high in November.