New business received by Indian services companies increased for the seventeenth month in a row in December, the data showed, indicating robust demand.
“December saw a welcome expansion in Indian services activity, underscoring the resilience of demand,” said Pollyanna De Lima, an economics associate director at SAdvertisement
Input costs at services companies, however, rose further, with businesses worried about wage pressures and higher prices for energy, food and transport. The overall rate of inflation quickened from November and was above its long-run average, the data showed. Rahul Bajoria, a senior economist with Barclays Bank, said part of the buoyant activity in the manufacturing and services sectors was due to India’s festival season that starts around September and continues until November.
“However, intensifying growth headwinds are set to drive a modest slowdown in activity in the coming months,” he added.
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