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India: services activity and PMI surveys

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This dossier follows surveys of Indian services activity, demand and employment. Diffusion indices are distinguished from output growth rates.

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Mumbai, 24 August 2025. Archive photograph illustrating the services economy; does not depict the survey. Creater903a, CC0; resized.
Mumbai, 24 August 2025. Archive photograph illustrating the services economy; does not depict the survey. Creater903a, CC0; resized. — Creater903a / Wikimedia Commons — CC0 1.0 https://creativecommons.org/publicdomain/zero/1.0/ ; 24 August 2025; resized.

Where things stand

As of 4 November 2026, the HSBC services PMI stands at 55.8 for October, up from 55.2 in September. Domestic demand supports activity while hiring remains weak.

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Reported information

India’s services growth reaches a four-month high

Indian services activity accelerated in October, according to the HSBC survey released on 4 November 2026. Its index rose from 55.2 to 55.8, the highest reading in four months.

Mumbai, 24 August 2025. Archive photograph illustrating the services economy; does not depict the survey. Creater903a, CC0; resized.
Mumbai, 24 August 2025. Archive photograph illustrating the services economy; does not depict the survey. Creater903a, CC0; resized. — Creater903a / Wikimedia Commons — CC0 1.0 https://creativecommons.org/publicdomain/zero/1.0/ ; 24 August 2025; resized.

New orders were driven mainly by the domestic market. Overseas demand remained weaker, with export-order growth among the slowest in 45 months, according to the survey reported by Reuters.

Hiring almost stalled despite stronger activity. Companies’ input cost pressures eased. The composite index, covering manufacturing and services, rose from 55.9 to 56.2.

A PMI above 50 signals expansion compared with the previous month. The reading of 55.8 is a survey indicator, rather than a 55.8% increase in economic output.

Sources 2