TOKYO -- The Nikkei India services Purchasing Managers' Index, or PMI, rose from 53.0 in October to 54.5 in November, showcasing the fastest expansion in private sector activity since October 2016. Sentiments improved among companies amid an increase in sales and business activity within the manufacturing and services sectors.
A reading above 50 indicates economic expansion, while a reading below 50 points toward contraction.
Business activity saw an increase, with a boost in demand for manufacturers and service providers. Client numbers rose while market conditions and sales growth turned out positive. Inflows of new work also expanded significantly, continuing to support job creation as well as an uptick in confidence.
Services new business increased for the ninth consecutive month and indicated the joint-strongest extent in over two years, mainly due to a boost in demand within the domestic market. Goods producers saw the fastest rise in order books in the year to date. Exports also increased at the fastest pace in nearly four years.
Pollyanna De Lima, Principal Economist at IHS Markit, which compiles the survey commented "Growth in India's dominant service sector leapt to a four-month high in November, thanks to solid increases in new work at home, which in turn led to a continued rise in job numbers." "So far, 2018 proved to be the strongest year for employment growth for a decade," she added
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