Services, the biggest sector of India’s economy, saw a dip in growth in November, but it was the second straight month to have witnessed growth after 7 months of continuous decline, showed the widely-tracked IHS Purchasing Managers’ Index (PMI). While domestic demand remains strong, that from overseas markets declined.
The index declined to 53.7 in November from 54.1 in October. In the PMI lexicon, any reading above 50 is expansion and any print below that is contraction.
The commentary associated with PMI said the latest reading was still indicative of a solid pace of expansion.
“Companies that signalled output growth commented on better demand conditions and a relaxation of Covid-19 restrictions,” it said.
Sub-sector data highlighted transport & storage as the best performing category in November, with rates of growth for output and sales surpassing those seen