India's services activity slows in December, PMI at 55.5

India's services sector activity moderated to a three-month low in December as business activity and sales rose at a softer pace, while price pressures and the possibility of new waves of Covid-19 affected business sentiment, a private survey showed on Wednesday. Experts say restrictions imposed by states to contain Covid may impact services sector in the coming months.
The seasonally adjusted India Services Business Activity Index fell to 55.5 in December from 58.1 in November. A reading above 50 indicates expansion while below that shows contraction. Services activity increased for the fifth straight month in December.