Source Credit: The Hindu
Big growth in India’s private sector happened in February as the HSBC Flash India Composite Purchasing Managers' Index (PMI) went up to 60.6 from January’s 57.7. This is the quickest growth seen in six months, showing good economic recovery news. The Flash PMI gives an early look at the private sector and shows what’s happening before the final report comes out. Over 50 means growth; the current number much higher than that tells us the economy looks good.
Overall activity rise mainly came from services, which had its PMI jump to 61.1 in February from January’s last reading of 56.5. Strong demand noted in finance, business services, tourism—these help with a better economy feel too. Performance of the service sector helped push composite PMI up a lot suggesting consumer spending and business work are getting stronger.
On the other side, manufacturing slowed slightly as its Flash PMI went down to 57.1 from January's 57.7 numbers but still staying above long-run average of 54.1 so it keeps expanding overall indicating strength continues there too with solid output improvements reported by companies along with new orders coming through nicely as well for them too . In summary , February's PMI shows ongoing robust recovery backed by strong service sector success while manufacturing also stays healthy overall .
