Mumbai, Feb. 5 -- After ending 2024 on a strong footing, service providers in India recorded a loss of growth momentum in January. New business intakes rose at the slowest pace since November 2023, curbing the upturn in business activity.
Nevertheless, rates of expansion remained historically high and more jobs were created. Also, the degree of business sentiment was in line with its trend.
As for prices, cost burdens increased to broadly the same extent as in December, with firms largely reporting greater payroll expenses. Meanwhile, charge inflation ticked higher.
At 56.5 in January, the seasonally adjusted HSBC India Services PMI Business Activity Index indicated a sharp rate of expansion. However, the headline figure was down from 59...