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India's Private-Sector Activity Expands in August, HSBC-S&P Survey Shows

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Business activity across India's private sector expanded in August, with the HSBC India Composite Purchasing Managers' Index (PMI) rising to 54.6 from 54.3 in the previous month, according to preliminary data compiled by S&P Global and released on Friday.

The reading beat the consensus forecast of 54.4, remaining above the 50.0 mark that separates expansion from contraction.

The monthly momentum was driven primarily by stronger growth in the service sector, which more than offset the slowdown in manufacturing output.

The HSBC India Manufacturing PMI fell to 52.9 from 53.5 in the previous month, while the HSBC India Services PMI rose to 54.5 from 53.3.

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