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Financial News: India's Service Sector Gains Momentum In December

India's Service Sector Gains Momentum In December

01/06/2020 - 01:06:00 (RTTNews)

(RTTNews) - India's services economy gained growth momentum in December after subdued performances in September and October, survey data from IHS Markit showed Monday.

The services Purchasing Managers' Index rose to 53.3 in December from 52.7 in November. A score above 50 indicates expansion.

The score highlighted the second-strongest rate of growth in output in over a year. A marked and accelerated upturn in new work intakes boosted growth of output and employment, whilst supporting an uptick in business confidence.

However, input costs increased further in December, with monitored firms citing higher charges for food, fuel, medical products and transport. Consequently, selling prices were lifted again at the year end, taking the current run of inflation to 35 months.

The composite output index advanced to 53.7 in December from 52.7 in November. The index signaled stronger rates of expansion in both manufacturing and service sectors.

It's encouraging to see the Indian service sector continuing to recover from the subdued performances noted in September and October, Pollyanna de Lima, a principal economist at IHS Markit, said. "Worryingly, however, were the survey's results for price indicators."

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