印度經濟正在應對兩個現實：製造業低迷以及服務業和加密貨幣的蓬勃發展

11 月的數據已經出爐，它們講述了反映該國複雜經濟狀況的高潮和低潮的故事。儘管受到監管打擊和重稅，製造業放緩，服務業激增，加密貨幣繼續佔據主導地位。

India's economy is presenting a contrasting picture with a slowing manufacturing sector and a booming growth in services and cryptocurrency.

印度經濟呈現出截然不同的景象：製造業放緩，服務業和加密貨幣蓬勃發展。

Fresh data for November shows that manufacturing lost some steam, but services continued to soar, and crypto remained a hot topic despite regulatory crackdowns and heavy taxation.

11 月的最新數據顯示，製造業失去了一些動力，但服務業繼續飆升，儘管受到監管打壓和重稅，加密貨幣仍然是一個熱門話題。

The manufacturing purchasing managers' index (PMI) slipped marginally to 57.3 compared to 57.5 in October. On the other hand, the services index rose to 59.2 from 58.5, as per preliminary data from HSBC Holdings. Together, they pushed the composite index up to 59.5, a slight increase from 59.1.

製造業採購經理人指數（PMI）小幅下滑至 57.3，較 10 月的 57.5 下降。另一方面，根據匯豐控股的初步數據，服務業指數從 58.5 升至 59.2。它們共同推動綜合指數升至 59.5，較 59.1 略有上升。

An index above 50 indicates growth, while anything below 50 signals a contraction. So, while manufacturing softened, the services sector carried the weight, reaching its highest employment index since December 2005, driven by strong demand and better business conditions.

指數高於 50 表示增長，低於 50 則表示收縮。因此，儘管製造業疲軟，但在強勁需求和更好的商業條件的推動下，服務業表現出色，就業指數達到 2005 年 12 月以來的最高水平。

Manufacturing slows, inflation bites

製造業放緩，通膨加劇

Despite the slowdown in the manufacturing sector, HSBC's Chief India Economist Pranjul Bhandari said it "managed to outpace expectations." However, rising costs are posing a significant challenge.

儘管製造業放緩，匯豐銀行首席印度經濟學家普蘭朱爾·班達裡表示，製造業「超出了預期」。然而，成本上升帶來了重大挑戰。

Manufacturers are grappling with higher raw material prices, and in the services sector, food and wages are driving up inflation. As a consequence, private companies continued to increase their prices in November, passing on the burden to consumers.

製造商正在努力應對原材料價格上漲的問題，而在服務業，食品和工資正在推高通貨膨脹。結果，11月份私人企業持續提高價格，將負擔轉嫁到消費者身上。

Moreover, urban spending is slowing down, adding to the concerns. Economists are adjusting their GDP growth projections for the year ending March 2025.

此外，城市支出正在放緩，加劇了人們的擔憂。經濟學家正在調整截至 2025 年 3 月的全年 GDP 成長預測。

Goldman Sachs has now trimmed its forecast to 6.4%, reflecting these challenges in the economy. Despite this, the services sector remains a bright spot, fueled by sustained demand and businesses aiming to scale up.

高盛現已將其預測下調至 6.4%，以反映經濟中的這些挑戰。儘管如此，在持續需求和旨在擴大規模的企業的推動下，服務業仍然是一個亮點。

Crypto thrives despite tough rules

儘管有嚴格的規則，加密貨幣仍蓬勃發展

India's crypto scene seems largely unfazed by economic slowdowns. It continues to flourish, even under some of the world's strictest regulations.

印度的加密貨幣產業似乎基本上沒有受到經濟放緩的影響。即使在世界上一些最嚴格的監管下，它仍然繼續蓬勃發展。

The country levies a 30% tax on crypto gains and a 1% tax on each transaction, known as tax deducted at source (TDS). These policies have prompted some investors to shift to international exchanges with friendlier rules.

該國對加密貨幣收益徵收 30% 的稅，並對每筆交易徵收 1% 的稅，稱為源頭扣除稅 (TDS)。這些政策促使一些投資者轉向規則更友善的國際交換。

Despite this, India leads the world in crypto adoption, ranking first on the Global Crypto Adoption Index and second in the Central and South Asia region for total crypto value received.

儘管如此，印度在加密貨幣採用方面仍處於世界領先地位，在全球加密貨幣採用指數中排名第一，在中亞和南亞地區獲得的加密貨幣總價值排名第二。

In December 2023, India's Financial Intelligence Unit (FIU) cracked down on nine offshore exchanges, including Binance, Kraken, and KuCoin, for not adhering to anti-money laundering laws.

2023 年 12 月，印度金融情報機構 (FIU) 對幣安、Kraken 和 KuCoin 等 9 家離岸交易所進行了打擊，原因是它們不遵守反洗錢法。

The FIU directed the Ministry of Electronics and Information Technology (MeitY) to block the URLs of these exchanges for Indian users.

金融情報機構指示電子和資訊技術部 (MeitY) 對印度用戶封鎖這些交易所的 URL。

However, this block proved less effective than intended. Users who had already downloaded these apps could still access them, and some platforms remained available for new downloads.

然而，事實證明這一張鎖的效果並沒有達到預期。已經下載這些應用程式的用戶仍然可以存取它們，並且某些平台仍然可供新下載。

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