India’s services activity grows robustly in Nov

Activity in India's dominant services sector continued to grow at a robust pace last month supported by a strong recovery in domestic demand, a private survey showed, but elevated price pressures remained a major concern.

Asia's third-largest economy expanded at the fastest pace among major economies last quarter, boosted by coronavirus vaccinations and stronger government spending. The economy grew 8.4 per cent annually during the July-September quarter. That positive momentum seems to have been largely sustained in the first two months of this quarter.

The Services Purchasing Managers' Index, compiled by IHS Markit, eased to 58.1 in November from 58.4 in October, but last month's rate of growth was the second-best in over a decade and well above the 50-mark separating growth from contraction for a fourth straight month.