India's Private Sector Activity Gains Momentum in November as Services Activity Gathers Pace

MT Newswires Live11-22 16:55

The India's overall private-sector activity showed robust growth in November, with both manufacturing and services sectors expanding at a faster pace, according to data compiled by S&P Global on Friday.

The seasonally adjusted HSBC Flash India Composite Output Index climbed to 59.5 in November from 59.1 in October, marking the highest level in three months and surpassing the 50-point threshold that signals growth.

India's HSBC Flash India Manufacturing PMI was down at 57.3 from October's final level of 57.5. The overall rate of expansion of new orders was the quickest since August.

Meanwhile, the HSBC Flash India Services PMI Business Activity Index was up 59.2 against October final's figure of 58.5.

"Strong end-demand and improving business conditions pushed services sector employment to the highest level ever recorded by this indicator since December 2005," said Pranjul Bhandari, Chief India Economist at HSBC.

"Meanwhile, price pressures are rising for raw materials used by manufacturers, as well as food and wage costs in the services sector."

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