The HSBC India Services PMI increased to 59.3 in January 2026 from a final reading of 58.0 in December 2025, which marked the softest expansion in 11 months, preliminary estimates showed. The expansion in services activity was supported by faster growth in output, while new orders rose at a quicker pace amid strengthening demand conditions and aggressive marketing campaigns. Foreign orders also increased, driven mainly by demand from Asia, Australia, Europe, Latin America, and the Middle East. Meanwhile, employment was broadly stable. On the price front, input price pressures increased sharply. Output prices also rose as firms transferred higher costs to clients in an effort to protect margins. source: S&P Global

Services PMI in India increased to 59.30 points in January from 58 points in December of 2025. Services PMI in India averaged 52.91 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 increased to 59.30 points in January from 58 points in December of 2025. 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 60.00 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 75.80 75.50 percent Sep 2025
Car Production 2633506.00 2943456.00 Units Dec 2025
Car Sales 399216.00 412405.00 Units Dec 2025
Changes in Inventories 836.46 808.97 INR Billion Sep 2025
Composite Leading Indicator 101.07 100.95 points Dec 2025
Corruption Index 38.00 39.00 Points Dec 2024
Corruption Rank 96.00 93.00 Dec 2024
Deposit Growth YoY 10.60 12.70 percent Jan 2026
Electricity Production 126407.87 111874.48 Gigawatt-hour Dec 2025
Industrial Production YoY 7.80 6.70 percent Dec 2025
Industrial Production Mom 7.30 5.00 percent Dec 2025
Manufacturing Production YoY 8.10 8.50 percent Dec 2025
Mining Production 6.80 5.80 percent Dec 2025
Steel Production 14800.00 13700.00 Thousand Tonnes Dec 2025
Passenger Vehicle Sales 349170.00 354969.00 Units Dec 2025


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 Accelerates in January
The HSBC India Services PMI increased to 59.3 in January 2026 from a final reading of 58.0 in December 2025, which marked the softest expansion in 11 months, preliminary estimates showed. The expansion in services activity was supported by faster growth in output, while new orders rose at a quicker pace amid strengthening demand conditions and aggressive marketing campaigns. Foreign orders also increased, driven mainly by demand from Asia, Australia, Europe, Latin America, and the Middle East. Meanwhile, employment was broadly stable. On the price front, input price pressures increased sharply. Output prices also rose as firms transferred higher costs to clients in an effort to protect margins.
2026-01-23
India Services PMI Revised Down to 11-Month Low
The HSBC India Services PMI was revised lower to 58.0 in December 2025 from a preliminary estimate of 59.1 and a final reading of 59.8 in November, coming in below market forecasts of 59.3. The latest figure marked the softest expansion in the services sector since January, as new business and output eased to 11-month lows. However, new export orders rose at a marked pace, and one that was quicker than in November. Employment fell for the first time since May, though only marginally, as the vast majority of companies reported no change since November. On the price front, input cost inflation accelerated from November but remained among the softest in over five years. Meanwhile, selling prices rose slightly, recording one of the weakest increases in around two years. Looking ahead, business sentiment weakened to its lowest level in nearly three and a half years.
2026-01-06
India Services Growth Slightly Cools
The HSBC India Services PMI fell to 59.1 in December 2025 from 59.8 in November, pointing to a slightly slower but still strong expansion in services activity, preliminary estimates showed. Business activity growth softened to its weakest pace since February, in line with a moderation in new business inflows, though demand conditions remained resilient overall. New export business continued to expand, albeit unevenly across markets. Employment levels were broadly stable, as firms reported existing staffing was sufficient to meet current workloads, while backlogs of work remained largely unchanged. On the price front, input cost inflation stayed muted, while output prices rose at a slightly faster pace than in November. Business confidence for the year ahead weakened further.
2025-12-16