FX.co ★ India Services PMI Revised Upward

The HSBC India Services PMI for November 2025 has been adjusted upward to 59.8, surpassing both the preliminary estimate of 59.5 and October's five-month low of 58.9. This accelerated growth in the services sector is primarily driven by a robust increase in new orders. International sales showed continued improvement, albeit at a reduced growth rate, marking an eight-month low in expansion. Employment witnessed moderate growth, maintaining a consistency observed over the past two months. On the pricing front, input costs rose, influenced by heightened expenses in electricity, food, and rent. However, the rate of input cost inflation moderated to a three-month low, staying below its long-term average. Additionally, the inflation of output costs slowed to its lowest point in more than four years as companies endeavored to stimulate demand. Looking forward, business sentiment has weakened due to worries over competitive pressures and the possibility of disruptions stemming from upcoming state assembly elections.