The HSBC composite index for India was recorded at 54.8 during the month of February at a time when the emerging economies recorded a moderate slowdown.

On the index, any rating above 50 means expansion while that below 50 means contraction. The index measures overall service industry activity in the country. HSBC said that among the largest economies covered in the latest survey, the rating was lower in China, India and Brazil in February but it noted that the growth in India was faster than that in China during the month.

The HSBC composite index for China was recorded at 51.4 during the month. The index measures both manufacturing and services sectors in the countries. The HSBC Emerging Markets Index (EMI) that tracks PMI surveys fell from 53.8 in January to 52.3 in February.

HSBC Chief Economist, Central and Eastern Europe and Sub-Saharan Africa Murat Ulgen said, "Emerging Market economies continued to expand in February but the pace of growth lost steam. The slowdown appears to be broad-based across manufacturing and services, with BRIC activity moderating after a promising start to the new year."

Ulgen also said that the falling growth remains a major concern for the emerging economies and inflation is expected to remain a secondary issue.