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Economy

India services PMI falls contraction in November

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."

(Nikkei)

See more information online:

http://www.markiteconomics.com/Survey/Page.mvc/PressReleases

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