India’s service sector continues to grow during Feb, PMI eases to 60.6
India's service sector continued to grow during February as positive demand trends supported sales and business activity, according to a recent survey.
India's service sector continued to grow during February as positive demand trends supported sales and business activity, according to a recent survey.
The key highlights of this week are going to be the Interim budget, the US Federal policy decision and quarterly earnings.
Despite encouraging Indian PMI data, the market struggled to rally. This downturn was due to apprehensions about the impending rate decisions from the ECB, which is expected to maintain current rates.
The HSBC India Services PMI survey conducted by S&P Global showed that in a striking turnaround from the slowdown observed in November
India’s manufacturing Purchasing Managers’ Index (PMI) recorded an 18-month low at 54.9 in December as against 56.0 in November, HSBC Purchasing Managers' Index (PMI) compiled by S&P Global said.
According to panel members, business activity and new orders decreased in four out of the five broad areas of the service economy, with the fastest rates of contraction registered in Consumer Services.
PMI was 57.5 per cent in February and now the situation is set to turn more challenging in April.
The manufacturing sector contributes 15 per cent of the country’s gross domestic product (GDP), which makes it is one of key sources of employment.
Employment, on the other hand, decreased again in December, thereby stretching the current sequence of job shedding to nine months.
The drop seen in the manufacturing PMI reflected the sharpest deterioration in business conditions across the sector since data collection began over 15 years ago.
