S&P Global India Services PMI Business Activity Index for February 2023 at 59.4 was the highest rate in the last 12 years.
As per the report, the new orders placed with service providers rose further in February, with several firms suggesting that competitive pricing boosted sales. The latest upturn in sales was the nineteenth in consecutive months and the joint-strongest in 12 years.
Consumer Services was the best-performing area in February 2023, registering the fastest increases in new orders and business activity of the four monitored sub-sectors.
The seasonally adjusted S&P Global India Manufacturing Purchasing Managers’ Index at 55.3 in February 2023, was a tad lower when compared with the January figure of 55.4. The continued growth indicated a strong improvement in the health of the sector. The headline figure was also above its long-run average of 53.7.
The above 50 points growth stretched the current sequence of growth to 20 months. Moreover, the rate of expansion was sharp in the context of historical data and matched that seen in January. Further, the data implied that the domestic market was the main source of new business growth, as new orders from abroad increased only fractionally. The rise in international sales was the weakest in the current 11-month period of expansion.