The HSBC India Services PMI was revised slightly down to 58.1 in February 2026 from an initial estimate of 58.4. This was below January’s reading of 58.5 and forecasts of 58.6, yet still signaled another month of robust expansion in the sector. While new order growth slowed to a 13-month low due rising competition, international sales rose at the fastest pace since last August. This led firms to increase hiring, with the rate of job creation surpassing its long-term trend. Meanwhile, services companies faced mild operating capacity pressures, reflected in a second monthly rise in backlogs. Cost pressures also intensified, with input inflation accelerating to a two-and-a-half-year high, driven by higher food prices and increased spending on energy, labour, and commodities. Output price inflation also rose to a six-month high. Nonetheless, business confidence climbed to its highest level in a year as companies sought to expand their presence in both existing and new markets. source: S&P Global

Services PMI in India decreased to 58.10 points in February from 58.50 points in January of 2026. Services PMI in India averaged 52.93 points from 2012 until 2026, reaching an all time high of 62.90 points in August of 2025 and a record low of 5.40 points in April of 2020. This page provides the latest reported value for - India Services PMI - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Services PMI in India decreased to 58.10 points in February from 58.50 points in January of 2026. Services PMI in India is expected to be 59.00 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the India Services PMI is projected to trend around 58.00 points in 2027 and 54.00 points in 2028, according to our econometric models.



Related Last Previous Unit Reference
Business Confidence 126.30 126.20 points Dec 2025
Capacity Utilization 74.80 75.80 percent Dec 2025
Car Production 2864612.00 2927394.00 Units Feb 2026
Car Sales 417705.00 449616.00 Units Feb 2026
Changes in Inventories 836.46 808.97 INR Billion Sep 2025
Composite Leading Indicator 101.90 101.68 points Feb 2026
Corruption Index 39.00 38.00 Points Dec 2025
Corruption Rank 91.00 96.00 Dec 2025
Deposit Growth YoY 11.90 11.20 percent Feb 2026
Electricity Production 126407.87 111874.48 Gigawatt-hour Dec 2025
Industrial Production YoY 4.80 8.00 percent Jan 2026
Industrial Production Mom -3.70 7.60 percent Jan 2026
Manufacturing Production YoY 4.80 8.40 percent Jan 2026
Mining Production 4.30 6.90 percent Jan 2026
Steel Production 15100.00 14800.00 Thousand Tonnes Jan 2026
Passenger Vehicle Sales 418000.00 379394.00 Units Feb 2026


India Services PMI
The IHS Markit India Services PMI (Purchasing Managers' Index) is based on data compiled from monthly replies to questionnaires sent to purchasing executives in around 350 private service sector companies. The index tracks variables such as sales, employment, inventories and prices. A reading above 50 indicates that the services sector is generally expanding; below 50 indicates that it is generally declining. This is only a limited sample of PMI headline data displayed on the Customer’s service, under licence from S&P Global. Full historic PMI headline data and all other PMI sub-index data and histories are available on subscription from S&P Global. Contact economics@spglobal.com for more details.

News Stream
India Services Growth Revised Slightly Lower
The HSBC India Services PMI was revised slightly down to 58.1 in February 2026 from an initial estimate of 58.4. This was below January’s reading of 58.5 and forecasts of 58.6, yet still signaled another month of robust expansion in the sector. While new order growth slowed to a 13-month low due rising competition, international sales rose at the fastest pace since last August. This led firms to increase hiring, with the rate of job creation surpassing its long-term trend. Meanwhile, services companies faced mild operating capacity pressures, reflected in a second monthly rise in backlogs. Cost pressures also intensified, with input inflation accelerating to a two-and-a-half-year high, driven by higher food prices and increased spending on energy, labour, and commodities. Output price inflation also rose to a six-month high. Nonetheless, business confidence climbed to its highest level in a year as companies sought to expand their presence in both existing and new markets.
2026-03-04
India Services Growth Slightly Cools
The HSBC India Services PMI edged down to 58.4 in February 2026 from 58.5 in January, pointing to a slightly slower but still strong expansion in services activity, preliminary estimates showed. While overall business activity softened marginally, services firms recorded a notable acceleration in new export orders, with international sales rising at the fastest pace since August 2025. However, domestic demand moderated, partly reflecting competitive pressures and cheaper service offerings elsewhere. Stronger export growth and rising backlogs encouraged companies to increase hiring, with employment expanding at a modest but faster pace. On the price front, input costs rose at the steepest rate in two-and-a-half years. In response, firms lifted selling prices at a quicker rate. Looking ahead, sentiment improved, with businesses expressing their strongest optimism in a year, supported by expectations of gains from investment and marketing efforts despite elevated cost burdens.
2026-02-20
India Services PMI Revised Downward
The HSBC India Services PMI was revised lower to 58.5 in January 2026 from a preliminary estimate of 59.3. However, the latest figure remained above the December reading of 58.0, which marked the softest expansion in 11 months, supported by faster growth in output and new business. Rising new orders prompted service providers to resume hiring staff, though job creation increased only marginally. On the price front, input cost inflation accelerated to a four-month high, driven by higher prices for eggs, electronic items, meat, paper, parts, and vegetables. Meanwhile, selling prices rose at the fastest pace in three months, as firms sought to better balance cost pressures and profitability. Looking ahead, business sentiment improved to a three-month high, supported by optimistic forecasts for efficiency gains, marketing efforts, and new client wins.
2026-02-04