Services sector sees second fastest pace of growth in Nov

India’s services sector activity expanded at the second-fastest pace in more than a decade during November, driven by sustained rise in new work and improvement in market conditions, a monthly survey said on Friday.

The seasonally adjusted India Services Business Activity Index was at 58.1 in November, fractionally down from 58.4 in October. The November figure points to the second-fastest rise in output since July 2011.

For the fourth straight month, the services sector witnessed an expansion in output. In Purchasing Managers’ Index parlance, a print above 50 means expansion while a score below 50 denotes contraction.

The recovery of the Indian service sector was extended to November, with a robust improvement in sales enabling the second-fastest rise in business activity in nearly ten-and-a-half years, Pollyanna De Lima, Economics Associate Director at IHS Markit, said.

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