India’s services sector picked up pace in February on the back of new business. Service providers continued to hire new workers at a strong pace given the outlook on new business.
The Nikkei/IHS Markit Services Purchasing Managers' Index rose to 52.5 in February from 52.2 in January, staying in the expansion zone for the ninth month running. A reading over 50 on this survey-based index shows expansion.
A sister survey of manufacturing released on Friday had shown factory activity rise at the fastest rate in over a year in February. Composite PMI Output Index, which includes both manufacturing and services, rose from 53.6 in January to 53.8 to signal a solid and accelerated increase in private sector activity in the country.