Good news: India's services sector output rises to a record high in November, reaching a three-month high

Posted on 5th Dec 2022 03:11 pm by rohit kumar

India's services sector output growth accelerated to a three-month high in November as trade flows picked up significantly amid favorable demand conditions, a monthly survey said on Monday. This growth was indicated when the S&P Global India Services PMI Business Activity Index rose from 55.1 in October to 56.4 in November. Survey participants associate the latest expansion with demand strength, successful marketing, and continued growth in sales.

 

For the 16th consecutive month, the headline figure was above the neutral 50 range. In Purchasing Managers' Index (PMI) parlance, an index above 50 means expansion while a score below 50 indicates contraction. Pollyanna de Lima, associate director of economics at S&P Global Market Intelligence, said Indian service providers are expected to spend the most in 2022. continued to benefit from strong domestic demand, with PMI data showing a rapid growth in new business and output.

 

 

On the jobs front, continued expansion in new work and buoyant demand continued to drive job creation in the services economy. The survey said that employment grew at a solid pace which was the fastest in three years. On the prices front, service companies across India reported higher operating expenses. In addition to higher transportation costs, firms reported higher prices for energy, food, packaging, paper, plastic and electrical products.

 

Also Read: Enterprises related to agriculture will get special attention in the general budget; High expectations from livestock development, dairy, and fisheries

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