New Delhi, March 4: India’s services sector showed resilience in February, with the Services Purchasing Managers’ Index (PMI) registering at 58.1. This information comes from the HSBC India Services PMI Business Activity Index.
A PMI reading above 50 indicates growth in sector activities. HSBC India’s report highlights that the growth outlook for the services sector remains stable. However, the rate of new order growth has dipped to a 13-month low, although overall demand remains positive.
Some companies reported that increased customer inquiries and robust marketing efforts have aided sales. Conversely, others noted that rising competition in the market has limited rapid expansion.
Pranjul Bhandari, Chief Economist at HSBC India, stated that the February PMI reading signifies another month of strong growth in the services sector. She mentioned that while the growth of new orders has slowed due to increasing competition, there has been a notable improvement in international sales. To meet operational needs, many service providers increased hiring during the month.
Bhandari remarked, “India’s services PMI recorded 58.1 in February, largely unchanged from January’s 58.5, indicating another month of strong expansion in this sector.”
Overall private sector activity also showed strength, with the composite PMI, which combines manufacturing and services data, rising to 58.9 in February. This reflects the fastest growth rate in three months, supported by strong performance in the manufacturing sector.
Among various service sectors, finance and insurance emerged as the top performers, recording the fastest growth in both output and new orders. However, the pace of expansion here has slowed compared to previous months. In contrast, real estate and business services lagged behind in terms of production and new order growth.
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