印度经济正在应对两个现实：制造业低迷以及服务业和加密货币的蓬勃发展

11 月份的数据已经出炉，它们讲述了反映该国复杂经济形势的高潮和低谷的故事。尽管受到监管打击和重税，制造业放缓，服务业猛增，加密货币继续占据主导地位。

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

印度经济呈现出截然不同的景象：制造业放缓，服务业和加密货币蓬勃发展。

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 月份的最新数据显示，制造业失去了一些动力，但服务业继续飙升，尽管受到监管打击和重税，加密货币仍然是一个热门话题。

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.

制造业采购经理人指数（PMI）小幅下滑至 57.3，较 10 月份的 57.5 有所下降。另一方面，根据汇丰控股的初步数据，服务业指数从 58.5 升至 59.2。它们共同推动综合指数升至 59.5，较 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.

指数高于 50 表明增长，低于 50 则表明收缩。因此，尽管制造业疲软，但在强劲需求和更好的商业条件的推动下，服务业却表现出色，就业指数达到 2005 年 12 月以来的最高水平。

Manufacturing slows, inflation bites

制造业放缓，通胀加剧

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.

尽管制造业放缓，汇丰银行首席印度经济学家普兰朱尔·班达里表示，制造业“超出了预期”。然而，成本上升带来了重大挑战。

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.

制造商正在努力应对原材料价格上涨的问题，而在服务业，食品和工资正在推高通货膨胀。结果，11月份私营企业继续提高价格，将负担转嫁到消费者身上。

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，城市支出正在放缓，加剧了人们的担忧。经济学家正在调整截至 2025 年 3 月的全年 GDP 增长预测。

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.

高盛现已将其预测下调至 6.4%，以反映经济中的这些挑战。尽管如此，在持续需求和旨在扩大规模的企业的推动下，服务业仍然是一个亮点。

Crypto thrives despite tough rules

尽管有严格的规则，加密货币仍蓬勃发展

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

印度的加密货币行业似乎基本上没有受到经济放缓的影响。即使在世界上一些最严格的监管下，它仍然继续蓬勃发展。

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.

该国对加密货币收益征收 30% 的税，对每笔交易征收 1% 的税，称为源头扣除税 (TDS)。这些政策促使一些投资者转向规则更友好的国际交易所。

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.

尽管如此，印度在加密货币采用方面仍处于世界领先地位，在全球加密货币采用指数中排名第一，在中亚和南亚地区获得的加密货币总价值排名第二。

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，印度金融情报机构 (FIU) 对币安、Kraken 和 KuCoin 等 9 家离岸交易所进行了打击，原因是其不遵守反洗钱法。

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

金融情报机构指示电子和信息技术部 (MeitY) 对印度用户屏蔽这些交易所的 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，事实证明这一封锁的效果并没有达到预期。已经下载这些应用程序的用户仍然可以访问它们，并且某些平台仍然可供新下载。

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