India Services Index Surges to Five-Month High on Strong Demand
India’s main services index rose to the highest level in five months in December as improving new work orders helped boost activity in the country’s dominant sector.
The seasonally adjusted Markit India Services PMI index climbed to 53.3 from 52.7 in November, suggesting a strong end to the calendar year. The level was the highest since July.
A reading above 50 means expansion while anything below that signals contraction.
The Reserve Bank of India slashed rates five times last year to support economic growth, but paused in December citing a surprise surge in inflation.
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