India services PMI up in February

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Mumbai, March 5 (IANS) Higher work orders accelerated the growth of service sector activity in February, an key economic data showed, here on Tuesday.

The seasonally-adjusted Nikkei India Services Business Activity Index rose to 52.5 last month from 52.2 in January, pointing “to a moderate though quicker upturn in output”.

An index reading of above 50 indicates expansion in economic activity and below 50 a decline. “Greater bookings, the securing of new clients and supportive public policies were often commented on by companies that reported higher output,” the report said.

Similarly, a sharp rise in manufacturing in February, coupled with a rise in the services activity, buoyed the Nikkei India Composite PMI Output Index.

Consequently, the PMI rose to 53.8 in February from 53.6 in January, signalling “a solid and accelerated increase in private sector activity in the country”.

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