TOKYO -- The Nikkei India Services Purchasing Managers' Index, or PMI, fell to 46.7 in November from October's 54.5, impacted by the scrapping of high-value bank notes. The reading shows the first contraction since June 2015.
A reading above 50 indicates economic expansion, while a reading below 50 points toward contraction.
"Cash shortages resulted in fewer new business intakes, which in turn caused a fall in activity and ended a 16-month sequence of expansion," said Pollyanna De Lima, economist at IHS Markit, which compiles the survey.
She added: "The disruption is expected to be short-lived, however, with many panelists anticipating a pick-up in activity as these high-value banknotes are replaced and black-market firms end their operations."
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