Business Desk, AnyTV, New Delhi
Published by: Deepak Chaturvedi
Updated Fri, 04 Mar 2022 02:32 PM IST
Summary
Services Sector Activities Expand: In the survey report of IHS Markit released on Friday, it was said that there has been an improvement in the services sector activities in the month of February. However, it is minor. Let us tell you that the PMI index of the services sector rose to 51.8 last month, which was 51.5 in the month of January.
Services sector activities in India have shown improvement in February due to better demand conditions and reduction in cases of corona infection. According to a monthly survey, last month the index jumped to 51.8, which is slightly higher than the previous month of January.
was at 51.5 in January
According to IHS Markit India, the index for services sector activities rose to 51.8 in February from 51.5 in January. According to the report, this rate of improvement in services sector activities is the second slowest since July last year. Significantly, in the month of January, the activities of the service sector in India had reached a six-month low. Whereas, in December 2021, this figure was at the level of 55.5.
Corona’s effect reduced
Let us tell you that a PMI above 50 means that there is an expansion in activities. Whereas PMI less than 50 indicates contraction in activities. The survey report released on Friday said that the demand situation has improved in February and the impact of the corona epidemic appears to be easing. These have been the two main reasons why there has been a surge in these activities. Pollyanna de Lima, director and economist at IHS Markit, said that even though new businesses and production grew rapidly, they were below their respective long-term averages. Meanwhile, growth slowed due to pandemic-related uncertainty and inflationary pressures.
Manufacturing sector also improved
According to the report earlier on Wednesday, the monthly survey on manufacturing PMI showed that manufacturing sector activities also improved in February. It said that due to increase in production and number of new orders, the activities of the manufacturing sector of the country have increased during the month of February. These activities have been supported by favorable demand conditions. Manufacturing PMI rose to 54.9 in February. A month ago in January it was at 54.0.
Expansion
Services sector activities in India have shown improvement in February due to better demand conditions and reduction in cases of corona infection. According to a monthly survey, last month the index jumped to 51.8, which is slightly higher than the previous month of January.
was at 51.5 in January
According to IHS Markit India, the index for services sector activities rose to 51.8 in February from 51.5 in January. According to the report, this rate of improvement in services sector activities is the second slowest since July last year. Significantly, in the month of January, the activities of the service sector in India had reached a six-month low. Whereas, in December 2021, this figure was at the level of 55.5.
Corona’s effect reduced
Let us tell you that a PMI above 50 means that there is an expansion in activities. Whereas PMI less than 50 indicates contraction in activities. The survey report released on Friday said that the demand situation has improved in February and the impact of the corona epidemic appears to be easing. These have been the two main reasons why there has been a surge in these activities. Pollyanna de Lima, director and economist at IHS Markit, said that even though new businesses and production grew rapidly, they were below their respective long-term averages. Meanwhile, growth slowed due to pandemic-related uncertainty and inflationary pressures.
Manufacturing sector also improved
According to the report earlier on Wednesday, the monthly survey on manufacturing PMI showed that manufacturing sector activities also improved in February. It said that due to increase in production and number of new orders, the activities of the manufacturing sector of the country have increased during the month of February. These activities have been supported by favorable demand conditions. Manufacturing PMI rose to 54.9 in February. A month ago in January it was at 54.0.