India’s manufacturing sector expanded at its fastest pace in four months in February, supported by robust domestic demand, though export growth moderated sharply, according to a survey by S&P Global.
The HSBC Flash India Composite Output Index, which tracks combined activity across manufacturing and services, rose to 59.5 in January from 57.8 in December.
The HSBC Flash India Composite Output Index fell to 58.9 in December from 59.7 in November, growing at its slowest pace since February, said data released by S&P Global on Tuesday.
The private sector economy recorded its fastest growth with the headline HSBC Flash India Composite PMI Output Index rising over four points to 65.2 from 61.1 in July, data by S&P Global said.
Credit ratings agency S&P Global on Thursday upgraded India’s long-term unsolicited sovereign rating from ‘BBB-’ to ‘BBB’, citing strong economic growth, continued fiscal consolidation, and policy stability.
It projected India's GDP growth to be 6.3% in 2025-26 and 6.5% in 2026-27 fiscal year.
In its Economic Outlook for Asia-Pacific (APAC), S&P said that despite these external strains, it expects domestic demand momentum to remain solid in most emerging-market economies.
India’s services sector witnessed a strong rebound in February with the Purchasing Managers' Index (PMI) rising to 59.0, a significant improvement from January’s 26-month low of 56.5.
India's Manufacturing Purchasing Managers’ Index (PMI) in February marked the slowest expansion since December 2023, falling to 56.3, data compiled by S&P Global and released by HSBC said on Monday.
The final India Services Purchasing Managers' Index (PMI) for December 2024 rose to 59.3 points, an increase from 58.4 points recorded in November.
