India's service sector expanded strongly in February with the HSBC Services PMI at 58.1, down marginally from 58.5 in January but well above the 50.0 expansion threshold. Growth was driven by efficiency gains, favorable demand, and technology projects. New orders increased sharply though at a 13-month low pace, while export orders surged at their fastest rate in seven months with demand from Canada, Germany, China, Singapore, the UAE, UK, and US. Input price inflation accelerated to a two-and-a-half-year high due to rising energy, labor, and commodity costs, pushing selling prices up at the quickest pace in six months. Service providers remain highly confident about business activity over the next year, with positive sentiment reaching a one-year high driven by marketing initiatives and continued growth expectations.
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