FX.co ★ India’s Services Momentum Builds as HSBC PMI Rises to 56.2 in October

India’s services sector showed stronger growth in October 2026, with the HSBC India Services Purchasing Managers’ Index (PMI) edging up to 56.2 from 55.2 in September 2026. The latest reading, updated on 23 October 2026, signals a solid expansion in business activity, remaining comfortably above the 50-point threshold that separates growth from contraction.

The one-point increase suggests a further pickup in demand and activity across key service industries, adding to evidence that India’s broader economic momentum remains resilient. While specific drivers of the rise were not detailed, the move higher in the PMI typically reflects improving new business inflows and a firmer outlook among service providers.

With October marking a second consecutive month of readings well above 50, the data underline the continued strength of India’s services sector, a core engine of employment and GDP. Market participants and policymakers are likely to view the latest PMI print as a positive indicator for near-term economic performance.