FX.co ★ India’s Services Momentum Edges Higher as HSBC PMI Rises to 58.5 in January

India’s services sector gained further traction in January, with the HSBC India Services PMI inching up to 58.5 from 58.0 previously. The data, updated on 4 February 2026, signals a strengthening expansion in one of the economy’s most critical growth engines.

The latest reading, covering January 2026, indicates that service providers continued to see robust activity and demand conditions, building on the momentum from the prior month’s 58.0 print, also recorded in January 2026. A PMI reading above 50 points to expansion, and the move higher suggests that business conditions in services improved at a slightly faster pace.

The uptick in the HSBC India Services PMI will be closely watched by investors and policymakers as it underscores the resilience of India’s services-driven growth narrative, even amid global uncertainties and shifting financial conditions.