Activity in India's services industry bounced back to modest growth in December after contracting in the previous month, a private survey showed on Thursday, as new business orders stabilised and price increases slowed. The Nikkei/IHS Markit Services Purchasing Managers' Index, which is based on a survey of private sector companies in Asia's third-largest economy, rose to 50.9 in December from 48.5 in November. The 50 mark separates growth from contraction.
However, expansion in just some industries such as information & communications and finance & insurance primarily drove overall business activity. But still, hiring by Indian services firms rose at the fastest pace since September and remained above average, underpinned by an overall improvement in expectations of future business conditions.