India’s services sector activity eased in December, with growth in new business and output slowing to the weakest pace in 11 months, while firms largely held back on fresh hiring, according to a monthly survey released on Tuesday.
The seasonally adjusted HSBC India Services PMI Business Activity Index declined to 58.0 in December from 59.8 in November, marking the slowest rate of expansion since January.
As per Purchasing Managers’ Index (PMI) norms, a reading above 50 indicates expansion, while below 50 signals contraction. Although service providers remained optimistic about growth prospects, overall business sentiment fell to its lowest level in nearly three-and-a-half years, the survey noted.