India's services PMI dips to 53.2 in December, but firms step up hiring

A slower rise in new orders led to a fall in the services sector growth in December, but employers stepped up hiring in anticipation of a stronger growth in the months to come, the widely tracked Nikkei India Services Purchasing Managers' Index (PMI) showed.

A slow increase in the expenses and healthy growth projections meant that services PMI for December stood at 53.2, slightly lower than the four-month high of 53.7 in November. The 50-point mark separates expansion from contraction.

Factory orders continued to climb for nine months, with an upturn in orders holding close to November's 11-month high. Sales expanded at