India PMI February 2023

India: Composite PMI rises in February; services activity expands at fastest rate in 12 years

The S&P Global Composite Purchasing Managers’ Index (PMI) came in at 59.0 in February, up from January’s 57.5 and above its long-term average. As a result, the index moved further above the 50.0 no-change threshold, signaling a stronger improvement in private-sector operating conditions compared to the previous month.

The Manufacturing PMI came in at 55.3 in February, slightly below January’s 55.4. Meanwhile, the Services PMI rose to 59.4 in February (January: 57.2). In the manufacturing sector, output and new orders grew at a stable rate. Employment was unchanged. Input inflation was one of the weakest in two years, and output inflation was below its long-run average. In the services sector, output and new orders grew at the fastest rate in 12 years. Output price inflation fell, potentially explaining the surge. The press release stated that competitive pricing policies also likely played a role. This may have been enabled by the fall in input inflation seen in the month. Finally, business sentiment rose in the manufacturing sector and was broadly stable in the services sector.

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