India's services purchasing managers' index for the February month have come in at the highest in over 7 years at 57.5 month. This is the fifth straight month when the IHS Markit India Services Business Activity Index is seen to increase. In the previous month, services PMI stood at 55.5. The mark above 50 separates expansion from contraction.
February Services PMI At 57.5; Strongest In Over 7 Years
The data thus highlights improvement in the growth rate of services activity as companies were overwhelmed by the rise in new work. Also, there is reported to be an increase in business confidence as well as an increase in new export orders.
Also there was reported a marginal increase in input costs with only moderate rate of output charge inflation.
Employment also surged in 4 out of 5 sub-sectors excluding finance and insurance., while it was the highest in consumer services.
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