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An index measuring private sector activity in India rose to a three-month high in October, boosted by improved performances in the manufacturing and services sectors, a survey by Markit Economics and HSBC showed Wednesday.
The index measuring services activity in India improved to its highest level in over a year in October, after slipping to a three-month low in September. The seasonally adjusted HSBC Business Activity Index stood at 56.8 in October, up from 54.4 in September, and pointed to increasing services activity in the country. A reading above 50 shows expansion, while a reading below 50 indicates contraction.
At the same time, the index measuring manufacturing activity, the manufacturing purchasing managers' index or PMI, expanded for the seventh consecutive month. As a result, the composite output index, which includes manufacturing and services activity, rose to a three-month high.
Commenting on the India Services and Composite PMI data, Robert Prior-Wandesforde, Senior Asian Economist at HSBC said, "At 56.8, the fairly brief history of this series suggests the service sector could be registering double-digit real growth in the not too distant future, compared with 7.7% in the April-June quarter".
"A strong rise in the expectations index, to what is now a very high level, also bodes well and it is good to see more employers planning to hire", he noted.
"With the manufacturing PMI having been essentially flat for six months, it looks increasingly likely that the service sector of the economy is going to take up the running from industry. This fits with our forecasts and we continue to expect 6.2% GDP growth in 2009/10 as a whole, despite a big hit to agriculture from the drought. Our 2010/11 projection is for an 8.5% GDP rise", the economist added.
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