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India Services PMI

India's Services PMI decreased by 3.4% to 58.8 points in October 2025, the lowest level in five months. This slowdown from 60.9 points in September 2025 resulted from softer growth in new orders and a less rapid increase in business activity. Competition and cost-cutting measures also impacted the September figures. India's record low Services PMI was 54.3 points in September 2022 and record high was 62.9 points in August 2025.

Monthly Historical Data (2022-2025)

(in points)
Month Services PMI (points)
Oct 2025 58.8
Sep 2025 60.9
Aug 2025 62.9
Jul 2025 60.5
Jun 2025 60.4
May 2025 58.8
Apr 2025 58.7
Mar 2025 58.5
Feb 2025 59
Jan 2025 56.5
Dec 2024 59.3
Nov 2024 58.4
Oct 2024 58.5
Sep 2024 57.7
Aug 2024 60.9
Jul 2024 60.3
Jun 2024 60.5
May 2024 60.2
Apr 2024 60.8
Mar 2024 61.2
Feb 2024 60.6
Jan 2024 61.8
Dec 2023 59
Nov 2023 56.9
Oct 2023 58.4
Sep 2023 61
Aug 2023 60.1
Jul 2023 62.3
Jun 2023 58.5
May 2023 61.2
Apr 2023 62
Mar 2023 57.8
Feb 2023 59.4
Jan 2023 57.2
Dec 2022 58.5
Nov 2022 56.4
Oct 2022 55.1
Sep 2022 54.3
Aug 2022 57.2

Recent Events

datetime event actual previous consensus
2025-10-24 01:00 AM HSBC Services PMI Flash (Oct) 58.8 60.9 -
2025-10-06 01:00 AM HSBC Services PMI Final (Sep) 60.9 62.9 62.5
2025-09-23 01:00 AM HSBC Services PMI Flash (Sep) 61.6 62.9 -
2025-09-03 01:00 AM HSBC Services PMI Final (Aug) 62.9 60.5 65
2025-08-21 01:00 AM HSBC Services PMI Flash (Aug) 65.6 60.5 60.3

Next Release Date :

India Services PMI : Definition
The India Services PMI is an index that gauges the economic health of India's services sector. It is calculated from survey data of approximately 400 service sector companies. The index is based on key indicators like business activity, new orders, employment and supplier delivery times. A reading above 50 points to expansion in the services sector.
Indicator Last Value Prior Value Period
Business Expectations Index 126 points 118 points Sep'25
Manufacturing PMI 58.4 points 57.7 points Oct'25