Services sector growth, as measured by the HSBC Purchasing Managers Index (PMI), climbed to a three-month high of 59 in December from 56.9 a month before, on increased sales led by buoyant demand, according to a statement from S&P Global released Friday. The earlier high of 61 was in September 2023, after which the services index fell to 58.4 in October and 56.9 in November 2023 according to data from Centre for Monitoring Indian Economy (CMIE).
The composite PMI index, which aggregated both services and manufacturing PMI, which measures India's private sector activity, increased to 58.5 in December from 57.4 a month ago, the sharpest rate of expansion since September, according to the statement from HSBC.
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