India’s private sector expanded for the eleventh consecutive month in March, but the pace of growth moderated, survey figures from Markit Economics and HSBC showed Monday.
The HSBC Composite Purchasing Managers’ Index fell slightly to 53.2 in March from 53.5 in the previous month. However, any reading above 50 indicates expansion in the sector.
The HSBC seasonally adjusted services PMI dropped to 53.0 in March from 53.9 in February. The latest reading was indicative of a moderate rate of expansion that was slightly weaker than in the prior month.
Across the private sector as a whole, incoming new work grew at a solid pace in March. New business received by the Indian services companies increased during the month, but the rate of expansion was slower than from February.
Manufacturing sector also recorded a stronger increase in order book volumes.
Employment level in the service sector rose in March, while staffing level in the manufacturing sector stabilized. Backlogs of work were also accumulated by manufacturers and, consequently, in the private sector overall.
On the price front, input prices in the service sector increased further in March, led by the rise in petrol and transport prices. Moreover, the rate of inflation was the strongest since June 2014.
Higher input prices were also noted at manufacturers. Across the private sector, the rate of inflation reached an eight-month high in March.
Selling prices also increased in both manufacturing and service sector during March, in line with higher input costs. But the rate of inflation was moderate overall.
The material has been provided by InstaForex Company – www.instaforex.com