India's services sector just hit 59.8—what's behind the streak?
India's services sector kept its winning streak alive in November 2024, with the HSBC India Services PMI jumping to 59.8—marking over four years of steady growth.
This momentum is mostly thanks to strong demand at home and a steady flow of new business, even as export orders slowed due to global competition.
Homegrown demand keeps things buzzing
The real driver here? Local consumers. New domestic business surged, showing people are still spending.
Export growth was slower, but India's services sector is holding up well despite global headwinds.
Costs cool off, jobs stay steady—and RBI might cut rates
Good news for your wallet: input costs rose at their slowest pace since August 2020, so companies didn't need to hike prices much.
Most businesses kept staffing levels stable.
Plus, there's growing talk that the Reserve Bank of India could finally cut interest rates soon—a move that could make loans a bit cheaper down the line.