India services PMI falls to 13-month low in November, economy hit: HSBC
"The forward-looking business expectation index improved notably, with some respondents reporting planned business expansion," Eskesen added.
Also encouragingly, a similar survey released on Monday showed the Indian manufacturing sector in November grew at its fastest pace in five months thanks to strong export orders and a surge in output.
The services survey also showed prices rose at a steady pace from last month, and with both the input and output costs rising sharply in the manufacturing survey, the pressure will remain on the headline inflation rate.
Wholesale prices rose 7.5 percent in October, and for three years the inflation rate has stayed well above the Reserve Bank of India's commonly perceived comfort zone of around 5 percent.
Citing price pressures the RBI has held the key repo rate on hold since April, even as many other central banks around the world have cut rates.
The protracted slowdown has led to a clamour from markets for a rate cut, but HSBC's Eskesen said the PMIs suggest the RBI should continue to hold fire.
The Indian economy grew just 5.3 percent from a year earlier in the quarter to September, government data showed last week, extending its slowdown that began at the start of this year. It is now headed for its weakest full year growth in a decade.
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Indian services growth slowed to 13 month low in Nov: HSBC
(PTI) India's services sector growth declined in November, the
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