Activity in India’s dominant services sector has touched a new level. As per updates, India’s February services Purchashing Managaers’ Index (PMI) has reportedly touched a 12-year high on strong demand.
According to a Reuters report, a private business survey has come up with a report that suggests that the S&P Global India Services PMI rose from 57.2 in January to 59.4 in February. On seeing a trend in this, it has been observed that the February numbers are the highest since February 2011. It also adds that the figures are considerably above all forecasts made in a Reuters poll as well.
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“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,” Reuters quoted Pollyanna De Lima, Economics associate director at S&P Global, as saying.
In addition to this, the report adds that strong growth in services activity boosted the composite index to 59.0 in February from January’s 57.5. All this was despite India’s manufacturing growth seeing a slowdown, so much so that it touched a 4-month low.
Knowing that India is Asia’s third largest economy, the February services PMI numbers could reportedly fuel new hope for the country. At a time when the global economic situation is also tricky and India is trying to insulate itself as much as it can, such growth trends could aid in that insulation efforts.
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