November saw a booming services sector, as foreign orders rosefor the first time since the start of COVID-19

According to the S&P Global India Services Purchase Managers’ Index (PMI), which
increased to 56.4 from 55.1 in October, the services sector in India continued to recover in
November, with the quickest production rise in three months and new orders accruing at the
fastest rate since August.
The burden of input costs on service providers, however, persisted, increasing at the second-
fastest rate since July 2022, forcing them to increase consumer prices at the sharpest rate in
64 months, or just under five and a half years. Significantly, even if the total rate of
expansion in new orders for services firms was modest, new business from abroad registered
its first upswing this November since the start of COVID-19 in early 2020.
New employment increased at a “strong rate that was among the quickest in over three years”
as a result of the steady growth in new orders and demand buoyancy, as well as sharp
increases in company confidence.

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