NEW DELHI: Activity in the country’s services sector slowed to a 12-month low in November, but remained robust on back of resilient demand and receding price pressures, a survey showed on Tuesday.
Slowing from a reading of 58.4 in October to a one-year low of 56.9 in November, the S&P Global India Services Business Activity Index pointed to a sharp increase in output across the sector.The rate of expansion was considerably stronger than its long-run average and the survey participants, which signalled growth, mentioned favourable demand trends and new business gains.
The 50-point mark separates expansion from contraction and the survey is compiled from responses to questionnaires sent to 400 service sector companies. The sector has recovered strongly since the lifting of Covid-induced curbs.
The survey results showed that despite seeing price pressures waning in November, private sector companies signalled rising inflation expectations.
Slowing from a reading of 58.4 in October to a one-year low of 56.9 in November, the S&P Global India Services Business Activity Index pointed to a sharp increase in output across the sector.The rate of expansion was considerably stronger than its long-run average and the survey participants, which signalled growth, mentioned favourable demand trends and new business gains.
The 50-point mark separates expansion from contraction and the survey is compiled from responses to questionnaires sent to 400 service sector companies. The sector has recovered strongly since the lifting of Covid-induced curbs.
The survey results showed that despite seeing price pressures waning in November, private sector companies signalled rising inflation expectations.