The HSBC India Services PMI rose to 54.5 in August 2026, up from 53.3 in July—its weakest expansion since early 2022—surpassing market expectations of 53.8, according to preliminary estimates. The latest reading indicates a faster pace of growth, with new orders continuing to increase, albeit more moderately, and employment also expanding.
On the pricing front, input costs climbed at a quicker rate, and output price inflation likewise accelerated, underscoring stronger efforts by firms to pass higher costs on to customers. Looking ahead, business confidence improved, supported by expectations of better market conditions.
