Service sector

India’s service sector PMI slows to 3-month low in December

Indian service companies continued to post growth in sales and business activity in December. Expansion rates moderated but were nonetheless marked by historical norms. However, despite strong gains from new work in recent months, companies were able to bring their workloads under control and, as a result, reduce their headcount by the end of 2021. The latest results also showed an improvement in business confidence. companies, although sentiment remained subdued as several companies were concerned about price pressures and the possibility of new waves of COVID-19. Inflation rates for input costs and producer charges slowed in December, however. Despite falling from 58.1 in November to a three-month low of 55.5 in December, India’s service business activity index, seasonally adjusted, was still consistent with a rate marked economic expansion. The recovery has often been associated with improving market conditions and accommodating demand.

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First published: Wed Jan 5, 2022 11:19 IST