FX.co ★ India’s Services Momentum Holds Firm as HSBC PMI Eases Marginally in February

India’s services sector maintained robust expansion in February 2026, with the HSBC India Services PMI edging only slightly lower to 58.4 from 58.5 in January. The latest reading, updated on 20 February 2026, signals that activity in the country’s key services industry remains firmly in growth territory.

The marginal dip suggests that the strong momentum seen at the start of the year has largely been sustained, indicating continued resilience in services such as finance, IT, business support and consumer-facing activities. With the index staying well above the 50-point threshold that separates expansion from contraction, February’s data point to ongoing strength in India’s broader economic landscape.

Markets and analysts will be watching upcoming releases closely to assess whether this near-steady performance evolves into a sustained trend, especially as services remain a critical driver of India’s GDP and employment. For now, the February PMI underscores that the sector’s growth trajectory remains intact despite the slight month-on-month moderation.