India Service Sector Growth Moderates

The Nikkei/IHS Markit Services Purchasing Managers' Index (PMI) eased to 52.3 in December from November's 53.7 but held above the 50-mark separating growth from contraction for a third straight month. The latest figure pointed to the slowest pace of expansion over the aforementioned sequence. Optimism about the next 12 months faded at the end of the year as firms were concerned about the uncertainty surrounding the pandemic, the rupee's depreciation and rising inflationary pressures, the survey showed. Despite a pick-up in factory activity, sluggish demand for services meant the India composite PMI fell to a three-month low of 54.9.

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