New Delhi, Aug 22
India’s private sector economy expanded at its fastest pace on record in August, supported by a surge in new orders and resilient demand, according to a report.
The India Composite Output Index jumped to 65.2 in August, up from 61.1 in July, HSBC said in its report.
The HSBC Flash India Composite Output Index measures combined activity in manufacturing and services.
August data marked the steepest pace of growth since the survey began in December 2005, according to the report.
According to the report, India’s private sector economy posted its sharpest expansion since survey data were first collected in December 2005 during August.
The acceleration was driven by one of the strongest increases in sales volumes on record, as businesses reported buoyant domestic and overseas demand.
The report highlighted that strong inflows of new work from Asia, the Middle East, Europe, and the United States drove the acceleration.