India's service PMI strong at 58.4 in Nov despite decade-high price surge

Strong demand drove record hiring and boosted business confidence significantly, according to a Reuters report

The HSBC India Services Purchasing Managers' Index (PMI), compiled by S&P Global, stood at 58.4 in November, slightly below October's 58.5 and a preliminary estimate of 59.2, but still reflecting solid expansion.

A sub-index tracking new business, an indicator of demand, eased slightly from October but showed no signs of weakness.

Notably, international demand surged at its fastest rate since August.

Business sentiment for the year ahead improved markedly, with the future activity sub-index hitting a six-month high, driven by expectations of sustained demand growth.

The strong demand environment also led to the fastest hiring pace in the survey's history, which dates back to December 2005.