Key Points
BENGALURU: Activity in India's dominant services sector expanded at the fastest pace in 12 years in February on strong demand as price pressures eased further, a private business survey showed on Friday..
The robust report could fuel hopes for Asia's third-largest economy, whose growth slowed to an annual 4.4% in October-December from 6.3% in July-September as pent-up demand eased and weakness in the manufacturing industry continued..
The S&P Global India Services Purchasing Managers' Index rose from 57.2 in January to 59.4 in February, its highest since February 2011 and considerably above all forecasts in a Reuters poll which had predicted a fall to 56.2..
"The service sector more than regained the growth momentum lost in January...as demand resilience and competitive pricing policies underpinned the joint-best upturn in sales over the same period," noted Pollyanna De Lima, economics associate director at S&P Global..
Strong growth in services activity boosted the composite index to 59.0 in February from January's 57.5, despite manufacturing growth slowing to a four-month low. ..
You might be interested in
Indias services PMI activity in Feb grows at its fastest pace in 12 years
03, Mar, 23The SampP Global India Services Purchasing Managers Index rose from 572 in January to 594 in February its highest since February 2011 and considerably above all forecasts
India's services PMI surges at fastest rate since June 2010
03, May, 23The demand strength in India's services sector promoted the fastest increases in new business and output in close to 13 years, a private survey showed on Wednesday. Along with robust domestic demand, international demand was strong as the sub-index rose to a four-month peak and business optimism hit its highest since December. The input prices index was at a three-month high from a 2-1/2-year low in March and firms raised their charges at the fastest pace this year. The prices charged index rose to 53.5 from 52.4.
Services sector PMI eases in Feb to 60.6 from 61.8 in Jan
05, Mar, 24India's service sector growth slowed in February, but remained robust, according to a private survey. The HSBC India Services Business Activity Index fell to 60.6, from 61.8, indicating expansion. Despite the decline, service activity reached its second highest level in five months. However, milder growth clouded the business outlook. Of the 400 firms surveyed, 26% expect growth in the year ahead, while 2% predict a decline.
Nov services activity rises, but at slower pace: Survey
05, Dec, 23S&P Global said on Tuesday that its India Services Purchasing Managers’ Index fell to 56.9 in November from 58.4 in October.
India’s services growth loses some steam in March, input cost inflation eases
05, Apr, 23The S&P Global India services Purchasing Managers' Index fell to 57.8 last month from 59.4 in February, lower than a Reuters poll forecast of 58.3.But it stayed above the 50-mark separating growth from contraction for a 20th consecutive month.
India's services growth defies inflation pressures
05, Jun, 23The S&P Global India services Purchasing Managers' Index fell to 61.2 in May from 62.0 in April, but outstripped the Reuters poll expectation of 60.0. The services sector accounts for more than 50% of India's gross domestic product. Asia's third-largest economy expanded 6.1% in the March quarter, one of the fastest growing emerging markets.
Services sector growth picks up in March on robust demand
04, Apr, 24The seasonally adjusted HSBC India Services Business Activity Index rose to 61.2 in March from 60.6 in February. The performance was largely attributed to healthy demand conditions, efficiency gains and robust sales. The HSBC India Composite PMI Output Index rose to 61.8 in March from 60.6 in February, the second-strongest growth in over 13-and-a-half years. A reading above 50 indicates expansion.
India's factory growth eased in September but remained strong -PMI
03, Oct, 23India's factory activity expanded at the slowest pace in five months in September but remained solid, with strong demand driving business confidence to its highest level this year, despite increased inflationary pressures, a private survey showed.