In its Economic Outlook for Asia-Pacific (APAC), S&P said that despite these external strains, it expects domestic demand momentum to remain solid in most emerging-market economies.
India’s services sector witnessed a strong rebound in February with the Purchasing Managers' Index (PMI) rising to 59.0, a significant improvement from January’s 26-month low of 56.5.
India's Manufacturing Purchasing Managers’ Index (PMI) in February marked the slowest expansion since December 2023, falling to 56.3, data compiled by S&P Global and released by HSBC said on Monday.
The final India Services Purchasing Managers' Index (PMI) for December 2024 rose to 59.3 points, an increase from 58.4 points recorded in November.
The Manufacturing Purchasing Managers’ Index (PMI) fell to 56.4, down from 56.5 in November showcasing manufacturing activity’s weakest growth of 2024 in December.
According to the survey compiled by S&P Global, the HSBC final India Services Purchasing Managers' Index, fell to 60.8 in April from 61.2 in March, confounding a preliminary estimate for a rise to 61.7.
S&P Global credit analyst Geeta Chugh said: “India’s regulator has underscored its commitment to strengthening the financial sector.”
The report further said that the State Bank of India and the leading private-sector banks have largely addressed their asset-quality challenges.
The rating agency also revised downward its assessment of the stand-alone credit SACP of Indian Bank by one notch to 'bb+'.
