06.01.202605:08:10UTC+00India Services PMI Revised Down to 11-Month Low

In December 2025, HSBC India's Services PMI was adjusted downwards to 58.0, as opposed to the initial estimate of 59.1 and the final figure of 59.8 observed in November. This revision came under market expectations of 59.3. The latest data indicated the slowest expansion in the services sector since January, with both new business and output reaching their lowest points in 11 months. Notably, new export orders increased at a significant pace, outstripping the growth seen in November. Employment, however, experienced a slight decline for the first time since May, though the majority of companies reported no change from November. On the pricing side, input cost inflation increased from November, albeit remaining among the lowest in over five years. Selling prices rose modestly, marking one of the smallest increases over approximately two years. Looking forward, business confidence has deteriorated to its weakest level in almost three and a half years.