After manufacturing, services loses steam in Nov on weak demand: PMI

Growth in India’s dominant services industry lost some momentum in November as demand weakened, a private survey showed on Thursday, clouding hopes of a quick economic recovery from the Covid-19 pandemic’s blow. Asia’s third-largest economy, which fell into recession last quarter for the first time since at least 2012, is expected to recover only modestly early next year and won’t reach pre-Covid-19 levels any time soon.

The Nikkei/IHS Markit Services Purchasing Managers’ Index dipped to 53.7 in November.

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