India's services PMI rose to a four-month high in December

On January 6, PMI data showed that India's dominant service sector rose to a four-month high at the end of 2024 due to continued demand and strong hiring in December, while inflationary pressures eased. The final services PMI rose to 59.3 in December from 58.4 in November, the highest since August, but lower than the preliminary estimate of 60.8. For more than three years, activity in the sector has been in a state of expansion. The new business sub-index, which measures demand, rose at its fastest pace in four months. It is also supported by strong global demand. High demand and the expansion of production capacity have boosted confidence in the year ahead. "Forward-looking indicators such as new business and future activity suggest that this strong performance is likely to continue in the near future," HSBC economists noted. ”