FX.co ★ India’s HSBC Services PMI Eases in March, Signals Slight Cool-Off in Growth Momentum

India’s services sector expanded at a slightly slower pace in March 2026, as the HSBC India Services Purchasing Managers’ Index (PMI) edged down to 57.2 from 58.1 in February. The latest figure, updated on 24 March 2026, still remains comfortably above the 50-point threshold that separates expansion from contraction, indicating continued growth in the sector.

The moderation from February’s reading suggests that while service activity in India remains robust, the momentum has eased somewhat. With the March PMI still signaling solid expansion, the data points to a services economy that is growing, but at a more measured clip compared with the previous month.

Market participants and analysts are likely to watch subsequent releases closely to assess whether this slowdown is temporary or the beginning of a more sustained deceleration in India’s services activity. For now, the March reading continues to reflect an expanding services landscape, albeit with slightly softer growth dynamics than in February.