Indian business activity expanded at its fastest pace in seven months in February as demand remained strong for both manufacturing and services, according to a business survey, which also showed an easing in price pressures.

HSBC’s Flash India Composite Purchasing Managers’ Index (PMI), compiled by S&P Global, rose to 61.5 this month from January’s final reading of 61.2, staying above the 50-mark that separates expansion from contraction for the 31st straight month.

“The pace of acceleration in the output of India’s manufacturers and service providers, combined, was at a seven-month high in February. New export orders rose sharply, particularly for goods producers,” said Pranjul Bhandari, chief India economist at HSBC.

The Flash Manufacturing PMI for February has increased to 56.7 from 56.5 last month, the highest since September. The preliminary services PMI has reached a 7-month high of 62 from 61.8.