FX.co ★ India Services PMI Slightly Revised Upward

The HSBC India Services PMI for October 2025 was marginally adjusted upwards to 58.9 from the initial estimate of 58.8, although it fell from the September final reading of 60.9. This update indicates the services sector's slowest growth since May, with new business increasing at its most diminished rate in five months, influenced by heightened competition and disruptions from floods and landslides. Despite this, foreign sales continued to grow, though at a solid yet reduced pace not seen since March. Employment experienced a slight uptick, registering the joint slowest growth in a year and a half. On the pricing front, input cost inflation eased to its lowest in 14 months, partly attributed to a reduction in the goods and services tax (GST) rate. Concurrently, output cost inflation decreased to its lowest level in seven months. Looking forward, business confidence weakened to its lowest point in three months.