India’s services activity touched 58.4 in November, inching slightly below the previous month. The seasonally adjusted HSBC India Services Business Activity Index slipped a bit in November, but the expansion rate still remained well above the trend.

Comparatively, the services PMI in October stood at 58.5. This index is based on a single question that looks into how the level of business activity compared with the situation in the preceding month.

Growth of new orders and output declined fractionally in the period under review, however, the Indian economy managed to impress with its performance in November, the survey conducted by S&P Global revealed.

The study showed that current improvement in sales boosted firms’ capacity pressures and promoted job creation as well. Employment growth in the month hit a peak as hiring for permanent and temporary staff continued.

“The only downside to job generation was an intensification of price pressures. Input costs rose to the greatest extent in 15 months, while selling prices increased at the fastest rate in close to 12 years,” the survey noted.