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Financial News: India Private Sector Growth Hits 7-Month High On

India Private Sector Growth Hits 7-Month High On Robust Demand

02/22/2024 - 01:27:00 (RTTNews)

(RTTNews) - India's private sector activity expanded at the quickest pace in seven months as accelerations were evident in both the manufacturing and service sectors, flash survey data from S&P Global showed on Thursday.

The flash composite output index rose to 61.5 in February from 61.2 in January. A score above 50 indicates expansion in the sector.

Due to strong demand, both the manufacturing and service sectors saw improvements in growth.

The services purchasing managers' index rose to a seven-month high of 62.0 in February from 61.8 in the prior month.

The manufacturing purchasing managers' index climbed slightly to a 5-month high of 56.7 from 56.5 in January.

New orders received by Indian private sector companies grew for the thirty-first successive month in February. Services firms noted a stronger increase in sales than their manufacturing counterparts.

New foreign orders also increased sharply in February, particularly for goods producers, the survey said.

Workforce numbers were unchanged, thereby ending a 20-month sequence of job creation.

On the price front, input price inflation across the Indian private sector eased to the lowest level in three-and-a-half years. As a result, output price inflation retreated to a one-year low.

Looking ahead, firms showed a robust degree of optimism towards growth prospects on hopes that market conditions will remain favourable, thereby boosting demand for goods and services and subsequently supporting economic output.

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