FX.co ★ India Services PMI Revised Lower, Remains at 4-Month High

The HSBC India Services PMI for October 2026 was revised down to 55.8 from the preliminary estimate of 56.2, but remained above September’s reading of 55.2. This still signalled the fastest expansion in the services sector since June, with both output and sales growth rising to four-month highs.

Domestic demand continued to be the primary driver of new business, though new export orders also increased. However, the pace of export growth was only marginal and the weakest since February 2023. Employment growth softened, with job creation slipping to its lowest level in the current ten-month expansion.

On the cost side, input price inflation eased to its lowest level in more than six years and stayed well below the historical trend, even in the face of higher electricity, labour, raw material, and transportation costs. Output charges increased only slightly, marking the slowest rise since June.

Looking ahead, business confidence remained in positive territory but weakened compared with the previous month and stayed below its long-run average.