FX.co ★ India Services PMI Falls to 5-Month low

The HSBC India Services Purchasing Managers' Index (PMI) registered a decline to 58.8 in October 2025, indicating a drop from September's final figure of 60.9, according to preliminary data. This represents the slowest growth in the services sector since May, primarily due to a deceleration in sales. The moderation in new business activity was largely attributed to intensified market competition and disruptions from floods and landslides. Despite favorable foreign sales, firms experienced a milder increase compared to the previous month. Additionally, there was a slight decrease in unfinished business. Regarding pricing, input cost inflation moderated, partly owing to a reduction in the Goods and Services Tax (GST) rate, while output cost inflation picked up pace. Business sentiment, however, remained largely optimistic.