New Delhi, March 6 -- India's services sector activity witnessed a sharp growth, as measured by the services Purchasing Managers' Index (PMI), in February led by an expansion in output, recovering significantly after falling to a 26-month low in January, a release from S&P Global said on Wednesday.
The seasonally adjusted HSBC India Services Business Activity Index came in at 59 up from 56.5 in January, indicating a sharp rate of expansion. The PMI services reading, however, was lower than the services flash PMI of 61.1 released last month.
To be sure, the reading remained above its long-run average and was also above the 50-mark, which indicates expansion over the previous month. The index has remained above 50 for over three years now....