Services sector growth surges on robust demand

Index rises to 59 in Feb from 56.5 in Jan

- FE BUREAU

THE COUNTRY'S SERVICES activity improved sharply in February due to improved domestic and international demand. The HSBC India services Purchasing Managers' Index (PMI) rose to 59 during the month from 56.5 in January, S&P Global said on Wednesday.

In January, the services PMI print was the lowest in 26 months.

February's services sector expansion was in contrast to the manufacturing PMI, which declined to a 14-month low of 56.3 during the month.

The composite PMI index rose to 58.8 in February from 57.7 in January, signalling a substantial rate of expansion.