India’s service sector witnessed a loss of growth momentum in March with HSBC India Services Business Activity Index, or services PMI for the month falling to 58.5 from 59.0 in February, but was higher than a preliminary estimate that showed a fall to 57.7. This figure was still comfortably above the neutral mark of 50.0 and indicated a sustained expansion. Economic conditions across India’s service sector remained favourable at the end of FY25, as demand strength and new business gains continued to underpin activity growth. Although softer than in November, rates of expansion were historically sharp. Finance & Insurance exhibited the strongest growth trends in business activity and sales, followed by Consumer Services. However, foreign demand softened and international orders rose at the slowest pace in 15 months. Overall, India’s private sector activity continued to rise strongly in March, as companies welcomed a further upturn in new orders. Moreover, the HSBC India Composite PMI Output Index increased to a seven-month high of 59.5, from 58.8 in February, to record another month of above-trend growth.
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