FX.co ★ India Services Growth Slightly Cools

In December 2025, the HSBC India Services Purchasing Managers' Index (PMI) declined to 59.1 from November's 59.8, indicating a slight deceleration in the growth of services sector activities, according to preliminary figures. Although there was a softening in business activity growth to its slowest rate since February, the overall demand conditions remained strong. New export business continued to grow, although the expansion was inconsistent across different markets. Employment levels saw little change, as businesses indicated that their current workforce was adequate for existing workloads, and outstanding work volumes remained stable. Regarding pricing, input cost inflation remained subdued, but output prices increased at a slightly higher rate than in the previous month. Additionally, business confidence looking ahead to the coming year showed further signs of weakening.