Services PMI contracts for 1st time in 16 months on note ban
The Nikkei India Services Purchasing Managers’ Index (PMI), which tracks service sector companies on monthly basis, declined for the first time in 16 months to 46.7 in November. This was also the biggest one-month drop since November 2008, after the Lehman Brothers' collapse, which triggered the global financial crisis. This shows that firms were heavily impacted by demonetisation, analysts said.