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PRODUCTIVITY IMPROVEMENT PMI shows fastest expansion in private sector activity

Jan 15, 2019

Nikkei India Services Purchasing Managers' Index shows a rise from 53.0 in October to 54.5 in November. A reading above 50 indicates economic expansion, while a reading below points towards contraction.

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Nikkei India Services Purchasing Managers' Index, or PMI showed a rise from 53.0 in October to 54.5 in November, showcasing the fastest expansion in private sector activity since October 2016. Sentiments improved among companies amid an increase in sales and business activity within the manufacturing and services sectors. The business activity saw an increase, with a boost in demand for manufacturers and service providers. Similarly, the client numbers also rose as market conditions and sales growth turned out positive. The inflows of new work also expanded significantly, continuing to support job creation as well as an uptick in confidence.

On compiling the survey, Pollyanna De Lima, Principal Economist at IHS Markit, commented, “Growth in India's dominant service sector leapt to a four-month high in November, thanks to solid increases in new work at home, which in turn led to a continued rise in job numbers. So far, 2018 proved to be the strongest year for employment growth for a decade.”

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