March 5: India’s services sector saw significant growth in February, fueled by strong domestic and international demand. The HSBC India Services PMI Business Activity Index increased from 56.5 in January to 59.0, signaling notable expansion in output and a considerable rise in employment.
The surge in activity was primarily driven by global demand, which grew at its fastest pace in six months. Service providers reported increased business from regions including Africa, Asia, Europe, the Americas, and the Middle East. This boost in demand led to rapid recruitment, with employment growing at one of the highest rates since 2005.
Although business sentiment slightly decreased, the outlook for the services sector remains positive, with many companies anticipating continued growth. The sector remains crucial to India’s economic recovery, showing strong resilience amid global challenges.
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