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India’s services sector activity slowed last month on slowing growth in new orders and output, a private survey showed. The S&P Global Purchasing Managers’ Index (PMI) declined to a one-year low of 56.9 in November from 58.4 in the previous month.

India is set to become the world’s third-largest economy by 2030 as it is expected to remain the fastest-growing major economy for at least the next three years, S&P Global Ratings said in a report.

The Bharatiya Janata Party’s (BJP’s) victory in three out of four state assembly elections fired up stocks as benchmark indices Sensex and Nifty raced to all-time closing highs on Monday.