Composite PMI reaches highest level in 7 months
![Composite PMI reaches highest level in 7 months](https://middayonline.com/wp-content/uploads/2024/02/50-2.jpg)
New Delhi: India’s business activity growth accelerated to a 7-month high in February on strong demand from both manufacturing and services, according to a private economic survey released on Thursday. HSBC’s flash India composite purchasing managers’ index (PMI), compiled by S&P Global, rose to 61.5 this month from 61.2 in January, above the 50 mark that separates expansion from contraction for the 31st consecutive month.
Impact of celebrities on fragrance business “The pace of output expansion among India’s manufacturers and service providers was at a 7-month high in February. Encouragingly, new export orders rose sharply, especially for goods producers,” said Pranjul Bhandari, chief India economist at HSBC. The manufacturing PMI for February rose to 56.7 from 56.5 the previous month, the highest since September, and the preliminary services PMI rose to 62.0 from 61.8 in January and reached its highest level in the past 7 months.