The HSBC India Services Purchasing Managers' Index (PMI), compiled by S&P Global, fell to 58.4 in November from 58.5 in October, but was higher than the 57.7 figure reported in September. It has been above the 50-point threshold that separates expansion from contraction for more than 40 straight months. The index surged to 60.9 in August but has been below that ever since.
The survey revealed that ongoing improvements in sales led to increased capacity at companies and boosted job creation.
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