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Financial News: India's Private Sector Expands Marginally In November

India's Private Sector Expands Marginally In November

12/05/2017 - 00:45:00 (RTTNews)

(RTTNews) - India's private sector activity expanded only marginally in November, as marked growth in the manufacturing sector was broadly offset by a downturn in the service sector, survey data from IHS Markit showed Tuesday.

The seasonally adjusted Nikkei India composite output index dropped to a 3-month low of 50.3 in November from 51.3 in October. However, any reading above 50 indicates expansion in the sector.

At the same time, the Indian service sector dipped into contraction territory during November, following growth in the previous two months.

The headline services Purchasing Managers' Index remained below the no-change mark of 50.0 in November. But, the rate of decline was modest.

New orders received by service providers dropped in November. Panelists widely blamed the deterioration in business performance to the goods and service tax.

On the other side, manufacturing orders grew at the fastest rate since October 2016.

Despite unfavorable demand conditions, service providers continued to add to their workforce numbers in November and the employment growth eased to a modest pace.

Manufacturers raised their staffing levels at the fastest pace since September 2012.

On the price front, cost pressures faced by services firms intensified in November. Input cost inflation accelerated to the fastest since October 2013, driven by higher food and fuel prices.

As a result, firms raised their average selling prices at the quickest pace since July.

However, the level of business sentiment in the service sector towards the 12-month outlook for output rose to the strongest since July.

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