India's services PMI at 19-month high in January

Growth in India’s services activity rose at its fastest pace in 19 months in January as demand picked up, a business survey showed today.
The Nikkei/Markit Services Purchasing Managers’ Index (PMI) surged to 54.3 in January from December’s 53.6, marking a seventh month above the 50-level that separates growth from contraction.

Growth was noted in four of the six monitored categories, the exceptions being Hotels & Restaurants and Transport & Storage.

“The Indian economy shifted into a higher gear in January, supported by a quick rebound in manufacturing production following last month’s floods. Concurrently, the service sector gained traction and posted its strongest monthly gain in activity for over one-and-a-half years,” said Pollyanna De Lima, economist at Markit. 

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