India Composite Output Index Hits Eight Year High

India's service sector activity grew at nearly in seven year high in February, survey data from IHS Markit showed on Tuesday. The services Purchasing Managers' Index rose to 57.5 in February from 55.5 in January. A score above 50 suggests expansion. The PMI rose for the fifth successive month. New work intakes increased to the second-fastest level in over seven years in February. New orders from abroad led to the rise in total sales and the pace of expansion in international demand for Indian services decreased. The rate of job creation was the slowest in three months though, while employment increased in four out of the five tracked sub-sectors. The input prices increased in February, though the rate of inflation softened from the beginning of the year. Following sharp increase in both manufacturing and services output, the India composite output index surged to an eight-year high of 57.6 in February from 56.3 in January.

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