<p>Activities in the services sector - the biggest in India’s economy - expanded at the second-fastest pace in over a decade in November, showed the Purchasing Managers’ Index compiled by IHS Markit, which rose 58.1 in November.</p>.<p>It was, however, a tad lower than October’s 58.4. A print above 50 in Purchasing Managers’ Index (PMI) parlance is expansion while any number below that is contraction.</p>.<p>This is the fourth consecutive expansion in the sector, which accounts for nearly 60% of the country’s economy. Rising price pressures, however, is still a concern. </p>.<p>“The recovery of the services sector entered its third straight month, with firms scaling up activity at the fastest pace in ten-and-a-half years and creating more jobs,” said Pollyanna De Lima, economics associate director at IHS Markit.</p>.<p>Amid reports of higher fuel, labour, material, retail and transportation costs, average input prices among services companies rose further in November.</p>.<p>However, the pandemic and travel restrictions reportedly caused a further drop in international demand for Indian services.</p>.<p>The latest fall in external sales was the twenty-first in successive months, although among the slowest over this period.</p>.<p>Lima said companies were somewhat convinced that output levels would continue to increase in the year ahead, but worries regarding inflationary pressures weighed on confidence again.</p>.<p>“New export business decreased in October, a trend that has been recorded since the Covid-19 outbreak. Despite being solid, the rate of contraction was the weakest since March,” the survey said.</p>.<p>Earlier, the PMI for manufacturing in November showed it grew at its fastest pace in 10 months. The Composite PMI too rose to 59.2 in November from 58.7 in October.</p>.<p>The GDP growth stood at 8.4 per cent in the second quarter of 2021-22 and surpassed the pre-Covid level, official data showed on Tuesday.</p>.<p><strong>Check out latest DH videos here</strong></p>
<p>Activities in the services sector - the biggest in India’s economy - expanded at the second-fastest pace in over a decade in November, showed the Purchasing Managers’ Index compiled by IHS Markit, which rose 58.1 in November.</p>.<p>It was, however, a tad lower than October’s 58.4. A print above 50 in Purchasing Managers’ Index (PMI) parlance is expansion while any number below that is contraction.</p>.<p>This is the fourth consecutive expansion in the sector, which accounts for nearly 60% of the country’s economy. Rising price pressures, however, is still a concern. </p>.<p>“The recovery of the services sector entered its third straight month, with firms scaling up activity at the fastest pace in ten-and-a-half years and creating more jobs,” said Pollyanna De Lima, economics associate director at IHS Markit.</p>.<p>Amid reports of higher fuel, labour, material, retail and transportation costs, average input prices among services companies rose further in November.</p>.<p>However, the pandemic and travel restrictions reportedly caused a further drop in international demand for Indian services.</p>.<p>The latest fall in external sales was the twenty-first in successive months, although among the slowest over this period.</p>.<p>Lima said companies were somewhat convinced that output levels would continue to increase in the year ahead, but worries regarding inflationary pressures weighed on confidence again.</p>.<p>“New export business decreased in October, a trend that has been recorded since the Covid-19 outbreak. Despite being solid, the rate of contraction was the weakest since March,” the survey said.</p>.<p>Earlier, the PMI for manufacturing in November showed it grew at its fastest pace in 10 months. The Composite PMI too rose to 59.2 in November from 58.7 in October.</p>.<p>The GDP growth stood at 8.4 per cent in the second quarter of 2021-22 and surpassed the pre-Covid level, official data showed on Tuesday.</p>.<p><strong>Check out latest DH videos here</strong></p>