India’s Services Output Sees Sharpest Expansion in 12 Years
- New business orders, lower cost pressures boost the activity
- Services activity lift composite index to 59 from 57.5 in Jan
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Activity in India’s dominant services sector climbed to the highest level in 12 years, aided by new business orders and moderation in cost pressures amid resilient demand in the economy.
The S&P Global India Purchasing Managers Index for services rose to 59.4 in February from 57.2 in the previous month, according to a statement Friday. A number above 50 shows expansion, while a print below that shows contraction in activity. The gains helped take the composite index to 59 from 57.5 in January.