New Delhi: India’s manufacturing sector growth fell to 11-month low in November. The HSBC India Manufacturing Purchasing Managers Index (PMI), compiled by S&P Global, came in at 56.5 for November. It was at 57.5 in October and matching the level recorded in September.
In PMI parlance, a print above 50 means expansion, while a score below 50 denotes contraction. The PMI has remained above its long-term average for nearly three years.
India’s services sector is one of the fastest growing in the world. It contributes to over 50% of India’s GDP.
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The HSBC Global India Services PMI is compiled from responses to questionnaires sent to about 400 service sector companies. The PMI data is an indicator of the health of the economy. It serves as a crucial economic health indicator.
The PMI is a weighted average of the five indices, namely New Orders (30%), Output (25%), Employment (20%), Suppliers’ Delivery Times (15%), and Stocks of Purchases (10%). The index is compiled by S&P Global from responses to questionnaires sent to purchasing managers in a panel of around 400 manufacturers.
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