NEW DELHI: Manufacturing and services sectors in India expanded at a faster pace than China during June while emerging market output registered the strongest upturn in business activity since March quarter of 2013, an HSBC survey said.
The HSBC Emerging Markets Index (EMI), a monthly indicator derived from Purchasing Managers’ Index surveys, stood at 52.3 in June, up from 50.6 in May, signaling the sharpest rate of expansion since March 2013.
The pick-up in output growth was reflected in both manufacturing and services, most notably the latter, where activity expansion hit a 15-month high, HSBC said.
Stronger output growth was registered across global emerging markets in June, primarily driven by India and China.
China posted the sharpest increase in output for 15 months, while India saw the steepest expansion since February 2013. Russian private sector output stabilized and Brazil, however, registered a further flat trend in activity.
During June, the HSBC composite index for India, which maps both manufacturing and services, stood at 53.8, whereas for China it was 52.4, Brazil (49.9) and Russia (50.1). An index measure of above 50 indicates expansion.
Meanwhile, the HSBC Emerging Markets Future Output Index that tracks firms’ expectations for activity over the next 12 months, rose for the first time since February, indicating strengthening sentiment across emerging markets.
India registered the brightest outlook for the next 12 months for the third successive month, ahead of Brazil and China, respectively. -PTI
