India's services activity slows to 14-month low
What's the story
India's services activity has witnessed a slowdown, with the Purchasing Managers's Index (PMI) falling to a 14-month low of 57.5 in March. The figure is a decline from February's reading of 58.1 and marks the lowest since January 2025 (56.5). The moderation in services activity is less severe than that seen in manufacturing, where the PMI plunged to a near four-year low of 53.9 last month from February's reading of 56.9.
Performance peak
Services PMI hit highest point at 62.9 in August
The data shows that the services PMI remained robust through 2025, mostly hovering between 58 and 63. It hit its highest point at 62.9 in August before gradually declining in the following months. Year-on-year, the services PMI fell from 58.5 in March 2025 to 57.5 in March 2026.
Manufacturing slowdown
Manufacturing PMI plunged to near 4-year low last month
The manufacturing PMI remained steady between 55 and 59 through 2024 and 2025, peaking at 59.1 in March 2024 and July 2025, and hitting a high of 59.3 in August that year. However, it fell sharply to a near four-year low of 53.9 last month. The data indicates that while both sectors are slowing down, the deceleration in services has been more gradual compared to the sharper decline seen in manufacturing momentum.