After manufacturing, services loses steam in Nov on weak demand: PMI

India's manufacturing recovery also faltered last month as coronavirus fears weighed on demand and output

Growth in India’s dominant services industry lost some momentum in November as demand weakened, a private survey showed on Thursday, clouding hopes of a quick economic recovery from the Covid-19 pandemic’s blow.

Asia’s third-largest economy, which fell into recession last quarter for the first time since at least 2012, is expected to recover only modestly early next year and won’t reach pre-Covid-19 levels any time soon.

The Nikkei/IHS Markit Services Purchasing Managers’ Index dipped to 53.7 in November from October’s 54.1 but still held well above the 50-mark separating growth from contraction for a second month.

India’s manufacturing recovery also faltered last month