look news india
Mumbai: According to a private survey report, after the manufacturing sector, the activity in the country’s service sector also remained marginally sluggish in November. The volume of new orders and service provision remained marginally lower.
The HSBC Purchasing Managers’ Index (PMI) prepared by S&P Global for India’s services sector declined marginally to 58.40 in November from 58.50 in October. However, an index above 50 is considered an extension of that zone.
However, sustained demand for services and increased hiring by companies providing services resulted in the services sector PMI remaining above 50 in November for the 40th consecutive month. All participants expressed optimism about the strength in demand and the new business context.
Export orders rose to a three-month high in November on strong demand from abroad for services.
India’s service sector mostly exports to Europe, Asia, America. Hiring in service sector companies is at its highest level since 2005 due to rising export demand. Preparation for PMI has started since 2005. The survey report said that higher recruitment of employees indicates growing business confidence among service sector companies.
Prices of raw materials and provision of services have been seen at their highest in 15 months and almost 12 years respectively due to high inflation. Earlier on Monday, November Manufacturing PMI had come down to 56.50 which was 57.50 in October.