India Services PMI Edges Higher, New Business Inflows Increase

India's service sector growth increased in February, survey results from IHS Markit showed on Friday. The services Purchasing Managers' Index rose to 51.8 in February from 51.5 in January. Any score above 50.0 indicates expansion in the sector. Growth in the service sector failed to rebound as meaningfully as many would have hoped given that COVID-19 cases receded considerably from January's new wave and restrictions were lifted. New business inflows increased in February though the employment declined for the third straight month and hit the fastest since July last year. The composite output index that combines the performance of manufacturing and services, rose to 53.5 in February from 53.0 in the previous month.

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