Team Blitz India
NEW DELHI: Indian business activity expanded at its fastest pace in seven months in February as demand remained strong for both manufacturing and services, according to a business survey released by HSBC on February 22.
That supports the findings in a Reuters poll which found India, the fastest growing major economy, is expected to continue to grow at a steady pace over the coming years.
HSBC’s flash India Composite Purchasing Managers’ Index (PMI), compiled by S&P Global, rose to 61.5 this month from January’s final reading of 61.2, staying above the 50-mark that separates expansion from contraction for a 31st straight month.
“The pace of acceleration in the output of India’s manufacturers and service providers, combined, was at a 7-month high in February. Encouragingly, new export orders rose sharply, particularly for goods producers,” noted Pranjul Bhandari, chief India economist at HSBC.
The flash manufacturing PMI for February rose to 56.7 from last month’s 56.5, its highest since September, and the preliminary services PMI was at a seven-month high of 62.0 from 61.8 in January.
