FX.co ★ India Services Growth Remains Robust

The HSBC India Services PMI decreased to 61.6 in September 2025, a slight drop from August's figure of 62.9, based on preliminary estimates. Despite this decline, the index remains near the record high achieved in August, marking the most robust expansion in the services sector since June 2010. This performance comes alongside a deceleration in foreign sales growth, which reached its slowest pace since March 2025. Employment levels continued to increase, albeit at a slower rate than observed in the previous month. Conversely, the accumulation of outstanding business saw only a minimal rise. On the pricing side, there was a reduction in both input and output inflation, suggesting a decrease in cost pressures.