India’s private sector activity expanded at the strongest rate in three months in February with quicker increases in total new orders and international sales during the month, S&P Global said Friday. This prompted higher staff recruitment and scaling up of output which, in combination, made businesses more optimistic about growth prospects. The HSBC Flash Composite Purchasing Managers’ Index rose to 59.3 in February from 58.4 in January.
Activity picked up in the manufacturing sector at a higher clip than the services sector. The flash manufacturing PMI rose to a four-month high of 57.5 in February from the final print of 55.4 in January. The flash services PMI fell to 58.4 in February from 58.5 in January. A PMI reading of more than 50 denotes expansion in activity from the previous month, while a print below 50 indicates contraction.