FX.co ★ India Services PMI Revised Upward

In a revision from initial estimates, the HSBC India Services PMI for March 2025 has been updated to 58.5, an adjustment from the preliminary figure of 57.7. Despite this increase, the index remained below February's reading of 59.0, yet it still signifies the 44th consecutive month of expansion within the service sector. This deceleration is attributed to a more moderate rise in service activities, notably with international sales showing the slowest growth since December 2023. Overall output continued its upward trend, driven by robust underlying demand and steady growth in new business ventures. Employment saw an uptick, though at its slowest pace in nearly a year, while pending workloads edged upward. On the pricing front, input cost inflation dipped to its lowest point in five months, causing output price inflation to decrease to its slowest pace since September 2021, under the influence of competitive market pressures. Looking forward, while business sentiment towards future growth remained positive, it showed a slight decline compared to the optimism reported in February.