The services industry in India showed impressive staying power in February, registering a PMI of 58.1 on HSBC’s radar. This near-identical repeat of January’s performance confirms the sector’s growth streak, with the index firmly in expansion mode beyond the 50 threshold.
Challenges emerged in new orders, which hit a 13-month trough from competitive intensity, but holistic demand held positive. Enhanced client interactions and marketing firepower fueled bookings for several players, complemented by brisker foreign sales that spurred hiring.
HSBC India’s Pranjul Bhandari unpacked the survey: ‘Services PMI at 58.1 indicates unwavering strength, supported by global demand upswing despite local order moderation.’ Operational scaling through new hires reflected confidence in pipeline visibility.
Private sector activity hit a three-month peak at composite PMI 58.9, riding manufacturing’s wave. Finance and insurance dominated services with peak growth in activity and inflows, though tempered versus peaks. Laggards included real estate and professional services, revealing divergent trends.
Stable outlooks cap a report reinforcing India’s economic resilience. Services, a GDP heavyweight, continues to drive progress, positioning the country favorably against international slowdowns and fueling optimism for policy continuity.