NEW DELHI: Activity in the country’s services sector remained steady, with job creation reaching its highest level but price pressures remaining stubborn, a survey showed on Wednesday.
At 58.4 in Nov – down marginally from 58.5 in Oct – the HSBC India Services Business Activity Index indicated a sharp rate of expansion that remained well above its trend. Survey participants attributed the upturn to demand strength and new business gains. The 50-point mark separates expansion from contraction in the survey. Firms noted gains from clients in Asia, Europe, Latin America and the US.
“During Nov, services sector employment notably grew at the fastest pace ever recorded since this survey began in 2005,” said Pranjul Bhandari, chief India economist at HSBC.