The India PMI for services reached a four-month high of 55.8 in October 2026. This expansion in business activity occurred as demand buoyancy and new orders increased, while cost pressures eased across the sector.
The HSBC India Services PMI Business Activity Index rose from 55.2 in September to 55.8 in October. Survey participants identified new business growth as the primary driver for this output increase. Factors such as favourable demand conditions, new client wins, and advertising efforts supported these new order intakes. Input cost inflation retreated to its lowest level since August 2020, while prices charged for services rose at the weakest rate since June.
Despite the growth in activity, companies increased employment at the slowest pace in four months. International sales expansion was also at its weakest point in nearly four years. The HSBC India Composite PMI Output Index, which tracks both manufacturing and services, rose to 56.2 from 55.9 in September. Cost pressures remained most intense within the Consumer Services segment, whereas the Finance and Insurance category recorded the softest rate of inflation.
Based on company and agency reports. For information only; not investment advice.