In the latest data update released on November 6, 2025, the S&P Global Services Purchasing Managers' Index (PMI) for India saw a decline, falling from 60.9 in September to 58.9 in October 2025. The 2-point drop indicates a deceleration in the expansion of the services sector, though the index remains above the crucial 50-mark, which separates growth from contraction.
This downward revision may reflect softer demand dynamics or other challenges impacting the services industry, which has been one of the main drivers of India's economic growth. However, the PMI number still signifies a strong level of activity, suggesting that while the pace of growth has slowed, the sector continues to expand robustly.
Economists and market watchers will closely monitor whether this is a temporary blip or indicative of a more sustained trend into the coming months. As the services sector remains a vital component of India's economic landscape, any fluctuations in its performance are significant indicators of the country's overall economic health.
