New Delhi: The HSBC India Services Purchasing Managers’ Index (PMI), compiled by S&P Global, rose to 59.3 in December. This is a 4-month high reading. The HSBC India Services Purchasing Managers’ Index was at 58.4 in November, 58.5 in October, and 57.7 in September.
The reading has been above the 50-point for 41 straight months. A reading of 50 separates expansion from contraction. 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.
The services sector is a cornerstone of India’s economy. The services sector contributes more than half of the country’s gross domestic product, or GDP. India’s services sector is one of the fastest growing in the world. December saw higher demand for Indian services from clients based in Australia, Canada, Europe, the Middle East and South America.
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Meanwhile, India’s manufacturing growth slowed to a 12-month low in December amid a softer increase in factory orders and production. The HSBC India Manufacturing Purchasing Managers Index (PMI) dropped to 56.4 in December from 56.5 in November, and was below October’s 57.5 and September’s 56.5 readings.
The HSBC India Composite Output Index, a gauge of the combined services and manufacturing output, rose to 59.2 in December from 58.6 in November, and above October’s 59.1 reading and September’s 58.3.
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