November saw the fastest improvement in service sector performance since 2011
MUMBAI: After the manufacturing sector, November saw the country's service sector perform at a one-decade high. The strong recovery in the domestic sector last month was accompanied by strong recovery in domestic demand. This was stated in a private survey report. The Purchasing Managers' Index (PMI) of the service sector, compiled by IHS Markets, stood at 8.10 in October and 6.10 in November. Thus, the figure has come down as compared to October, but this is the second highest figure since July 2011. The November service sector PMI has been the second highest in a decade, the survey report said. A mark above 50 is said to be the development of the area. India, Asia's third-largest economy, has seen rapid economic growth due to the speed of vaccinations and rising government spending. In the September quarter, the country's economic growth rate was 4.50%. The last nine years have seen the fastest expansion of new business in November, excluding October of the curren