The HSBC India Services PMI was revised higher to 57.5 in March 2026 from 57.2 in the preliminary estimate and above expectations of 57.4, signaling a slower yet still solid expansion in the services sector. However, the latest reading marked the weakest growth since January 2025 and was below February’s 58.1, although demand remained resilient, led by new export orders, which rose at the fastest pace since mid-2024. While new business gains continued to drive growth, output was constrained by the impact of the Middle East war on demand and tourism. Employment increased, with job creation rising at the fastest pace since mid-2025. On prices, input price inflation accelerated to near its highest level in almost four years, driven by higher costs for chicken, cooking oil, eggs, electricity, fish, fruits, fuel, labor, meat, and vegetables. As a result, output price inflation rose to its highest level in seven months. Lastly, sentiment strengthened, alongside continued gains in employment. source: S&P Global

Services PMI in India decreased to 57.50 points in March from 58.10 points in February of 2026. Services PMI in India averaged 52.96 points from 2012 until 2026, reaching an all time high of 62.90 points in August of 2025 and a record low of 5.40 points in April of 2020. This page provides the latest reported value for - India Services PMI - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Services PMI in India decreased to 57.50 points in March from 58.10 points in February of 2026. Services PMI in India is expected to be 57.00 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the India Services PMI is projected to trend around 58.00 points in 2027 and 54.00 points in 2028, according to our econometric models.



Related Last Previous Unit Reference
Business Confidence 126.30 126.20 points Dec 2025
Capacity Utilization 74.80 75.80 percent Dec 2025
Car Production 2864612.00 2927394.00 Units Feb 2026
Car Sales 417705.00 449616.00 Units Feb 2026
Changes in Inventories 836.46 808.97 INR Billion Sep 2025
Composite Leading Indicator 101.90 101.68 points Feb 2026
Corruption Index 39.00 38.00 Points Dec 2025
Corruption Rank 91.00 96.00 Dec 2025
Deposit Growth YoY 10.80 11.90 percent Mar 2026
Electricity Production 126407.87 111874.48 Gigawatt-hour Dec 2025
Industrial Production YoY 5.20 4.80 percent Feb 2026
Industrial Production Mom -3.70 7.60 percent Jan 2026
Manufacturing Production YoY 6.00 5.30 percent Feb 2026
Mining Production 4.30 6.90 percent Jan 2026
Steel Production 13600.00 15100.00 Thousand Tonnes Feb 2026
Passenger Vehicle Sales 418000.00 379394.00 Units Feb 2026


India Services PMI
The IHS Markit India Services PMI (Purchasing Managers' Index) is based on data compiled from monthly replies to questionnaires sent to purchasing executives in around 350 private service sector companies. The index tracks variables such as sales, employment, inventories and prices. A reading above 50 indicates that the services sector is generally expanding; below 50 indicates that it is generally declining. This is only a limited sample of PMI headline data displayed on the Customer’s service, under licence from S&P Global. Full historic PMI headline data and all other PMI sub-index data and histories are available on subscription from S&P Global. Contact economics@spglobal.com for more details.

News Stream
India Services PMI Revised Upward
The HSBC India Services PMI was revised higher to 57.5 in March 2026 from 57.2 in the preliminary estimate and above expectations of 57.4, signaling a slower yet still solid expansion in the services sector. However, the latest reading marked the weakest growth since January 2025 and was below February’s 58.1, although demand remained resilient, led by new export orders, which rose at the fastest pace since mid-2024. While new business gains continued to drive growth, output was constrained by the impact of the Middle East war on demand and tourism. Employment increased, with job creation rising at the fastest pace since mid-2025. On prices, input price inflation accelerated to near its highest level in almost four years, driven by higher costs for chicken, cooking oil, eggs, electricity, fish, fruits, fuel, labor, meat, and vegetables. As a result, output price inflation rose to its highest level in seven months. Lastly, sentiment strengthened, alongside continued gains in employment.
2026-04-06
India Services Growth Slows to 14-Month Low
The HSBC India Services PMI fell to 57.2 in March 2026 from 58.1 in February, signaling a slower yet still solid expansion in the services sector. The latest reading marked the weakest growth since January 2025, weighed by softer domestic demand despite resilient external conditions. New business growth eased to a three-year low, though export orders hit a series high, supported by broad-based international demand. However, geopolitical tensions in the Middle East, market volatility, and inflationary pressures, weighed on activity and disrupted segments such as international travel. On prices, input costs rose at the fastest pace in nearly four years, with firms passing on only part of the increase. Despite softer demand, hiring continued to expand, with employment rising at the fastest rate since August 2025. Looking ahead, sentiment remained positive, underpinned by expectations of improved efficiency, stronger marketing efforts, and new client gains, even as cost pressures persist.
2026-03-24
India Services Growth Revised Slightly Lower
The HSBC India Services PMI was revised slightly down to 58.1 in February 2026 from an initial estimate of 58.4. This was below January’s reading of 58.5 and forecasts of 58.6, yet still signaled another month of robust expansion in the sector. While new order growth slowed to a 13-month low due rising competition, international sales rose at the fastest pace since last August. This led firms to increase hiring, with the rate of job creation surpassing its long-term trend. Meanwhile, services companies faced mild operating capacity pressures, reflected in a second monthly rise in backlogs. Cost pressures also intensified, with input inflation accelerating to a two-and-a-half-year high, driven by higher food prices and increased spending on energy, labour, and commodities. Output price inflation also rose to a six-month high. Nonetheless, business confidence climbed to its highest level in a year as companies sought to expand their presence in both existing and new markets.
2026-03-04