Services gain most since Jan 2009: HSBC

Services gain most since Jan 2009: HSBC
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First Published: Thu, Mar 04 2010. 01 15 AM IST
Updated: Thu, Mar 04 2010. 12 41 PM IST
Bangalore: India’s banking, hotels and other services grew in February at the fastest pace since at least January 2009; HSBC Holdings Plc and Markit Economics’ Purchasing Managers’ Index (PMI) rose to 60.9 last month from 59 in January, according to a report released on Wednesday. A reading above 50 indicates expansion.
The PMI for manufacturing rose to 58.5 in February from 57.6 in January, the 11th monthly reading above 50, HSBC and Markit said The report raised India’s economic growth forecast to 9% from 8% for the next fiscal and said the central bank may increase interest rates by 150 basis points.
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First Published: Thu, Mar 04 2010. 01 15 AM IST