Indian services companies ended 2024 on a strong footing, according to the HSBC PMI survey. Demand buoyancy continued to drive new business inflows higher, which in turn supported output growth and prompted firms to recruit additional workers. Survey participants were also strongly upbeat regarding the year-ahead outlook for business activity.
On the price front, there was a softer increase in cost burdens, though panellists continued to report greater outlays on food, labour and materials. Selling price inflation likewise eased in December.
The seasonally adjusted HSBC India Services Business Activity Index based on a single question asking how the level of business activity compares with the situation the month before rose from 58.4 in November to 59.3 in December, highlighting the strongest rate of expansion in four months.
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