India’s services sector roared back to life last month with the latest Nikkei-Markit services purchasing manager’s index (PMI) jumping 2.9 points to 53.4.
Not only was the figure well above the 50 level that indicates activity levels are expanding, it was also the equal highest reading since June 2014.
“Economic conditions in India’s service sector continued to improve in March, as a marked and accelerated increase in new business boosted output growth,” said Markit.
Not only did activity levels accelerate sharply, firms were equally optimistic towards the business outlook.
“Companies remained optimistic that activity will increase further over the coming 12 months,” said Markit. “The level of confidence was at a nine-month high, with positivity linked to favourable government policies and forecasts of a pick-up in demand.”
In a promising sign for the regional economic outlook, activity levels in China’s services sector also accelerated in March with the separate Markit-Caixin services PMI rising 1.0 point to 52.2.