New Delhi, Feb. 22 -- After three consecutive quarters of decline, India's Composite Flash Purchasing Managers' Index (PMI) saw a sharp rebound in February, signaling an acceleration in private sector growth, according to a report by HSBC. The index rose to 60.6, up from 57.7 in January, driven largely by a surge in services sector activity.

While the manufacturing PMI also reported growth, the pace of expansion was softer compared to the previous month. HSBC noted that data from January and February suggests a potential uptick in the composite index for the current quarter after a period of slowdown.

The report highlighted that strong global restocking trends have lifted India's new goods export orders. Additionally, the recent depreci...