India’s services sector continued strong growth in November, driven by high demand, record hiring, and the steepest price rise in over a decade, according to a business survey.

The HSBC India Services PMI remained strong at 58.4 in November, slightly down from October’s 58.5 but higher than the preliminary estimate of 59.2.

The sub-index for new business fell slightly but showed no major signs of weakness, with international demand rising at its fastest pace since August.

The business outlook for the next year improved, with the future activity sub-index reaching a six-month high.

The services sector saw its fastest hiring pace since December 2005, driven by strong demand and business confidence.

Increased hiring could help boost slowing consumption, a key factor impacting GDP growth.

India’s GDP growth slowed to 5.4% in the July-September quarter from 6.7% in April-June.

Despite rising inflation in October, the Reserve Bank of India is not expected to ease policy until early next year.

Inflation increased significantly, with the fastest rise in costs for 15 months, driven by labour and material expenses.

Companies passed on the higher costs to clients, leading to the fastest price increases in nearly 12 years.

The Manufacturing PMI dropped to 56.5 in November, and the overall Composite PMI fell to 58.6 from 59.1.

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