The HSBC India Services PMI increased to 56.2 in October 2026 from 55.2 in September, marking the fastest expansion in the sector since June, preliminary data showed. The acceleration was supported by stronger output growth amid robust demand. Employment was unchanged, ending a nine-month sequence of job creation. On the price front, input and output cost inflation eased. Looking ahead, business sentiment remained positive, strengthening from the previous month amid expectations of improved market conditions. source: S&P Global

Services PMI in India increased to 56.20 points in October from 55.20 points in September of 2026. Services PMI in India averaged 53.10 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 increased to 56.20 points in October from 55.20 points in September of 2026. Services PMI in India is expected to be 56.50 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 57.00 points in 2027 and 56.00 points in 2028, according to our econometric models.



Related Last Previous Unit Reference
Business Confidence 111.10 118.80 points Sep 2026
Capacity Utilization 77.40 75.60 percent Jun 2026
Car Production 3452554.00 3157822.00 Units Sep 2026
Car Sales 454574.00 439309.00 Units Sep 2026
Changes in Inventories 1230.63 1095.44 INR Billion Jun 2026
Composite Leading Indicator 102.00 101.82 points Sep 2026
Corruption Index 39.00 38.00 Points Dec 2025
Corruption Rank 91.00 96.00 Dec 2025
Deposit Growth YoY 17.80 17.30 percent Sep 2026
Electricity Production 143562.33 144161.76 Gigawatt-hour Sep 2026
Industrial Production YoY 6.70 8.00 percent Sep 2026
Industrial Production Mom 1.00 -2.00 percent Sep 2026
Manufacturing Production YoY 7.60 8.60 percent Sep 2026
Mining Production -6.20 -4.60 percent Sep 2026
Steel Production 13900.00 14800.00 Thousand Tonnes Sep 2026
Passenger Vehicle Sales 385764.00 374056.00 Units Sep 2026


India Services PMI
The HSBC 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 Growth Hits 4-Month High
The HSBC India Services PMI increased to 56.2 in October 2026 from 55.2 in September, marking the fastest expansion in the sector since June, preliminary data showed. The acceleration was supported by stronger output growth amid robust demand. Employment was unchanged, ending a nine-month sequence of job creation. On the price front, input and output cost inflation eased. Looking ahead, business sentiment remained positive, strengthening from the previous month amid expectations of improved market conditions.
2026-10-23
India Services PMI Revised Downward
The HSBC India Services PMI was revised lower to 55.2 in September 2026 from the preliminary estimate of 55.8, after a final reading of 54.1 in the previous month and below the market forecast of 56.2. Still, it marked the strongest growth in the services sector since June, supported by stronger output growth amid robust demand. New orders rose at the fastest pace in three months, supported by marketing efforts and stronger demand in financial and insurance services. Foreign demand also improved, though growth eased to a moderate pace that was the softest in nearly three years. In response to improving new orders, firms increased employment, though the pace moderated and was softer than in August. On the price front, input prices rose, mainly driven by higher food supplies, fuel, and insurance premiums. Meanwhile, output inflation eased to a three-month low. Looking ahead, business sentiment improved to a three-month high, supported by resilient demand and rising customer enquiries.
2026-10-06
India Services Growth Hits 3-Month High
The HSBC India Services PMI increased to 58.1 in September 2026 from a final 54.1 in the previous month, preliminary data showed. It was the strongest growth in the services sector since June, supported by higher output growth due to strong demand. New orders rose, supported by marketing efforts, with stronger demand in property, transport services, and new travel bookings. New order growth was also boosted by growing client interest in software and digital solutions. Meanwhile, new export orders rose solidly, though at a softer rate, while employment increased further. On the price front, both input and output price inflation eased. Finally, business sentiment improved.
2026-09-23