New business boosts India’s services PMI to 59.8 in November; composite index slips
India’s services PMI rose to 59.8 in November, driven by new business growth. However, the composite PMI output index fell to 59.7. Employment in the services sector increased modestly, while backlogs remained stable. Services outpaced manufacturing, which saw a slowdown in growth and inflationary pressures. Input and output cost inflation also eased.