The Indian service sector dipped into contraction territory during November, following growth in the previous two months. This was matched by a reduction in new work. Panelists widely blamed the deterioration in business performance to the goods and service tax (GST). Meanwhile, cost pressures intensified during the latest survey period. Posting below the no-change mark of 50.0 in November, the seasonally adjusted seasonally adjusted Business Activity Index signaled a contraction of the service sector for the first time in three months. That said, the rate of decline was modest.
With growth in manufacturing production offsetting the fall in services activity, private sector output rose for the third consecutive month in November. Reflecting a slowdown in output growth, the Nikkei Composite Output Index fell from 51.3 in October to a three-month low of 50.3 in November. This signaled a broad stagnation in private sector output in India.
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