India services grow, quarter records slowest pace since early 2022
India's services sector kept up its growth streak in September 2026, with the HSBC Services PMI at 55.2, thanks to solid demand for things like digital and financial services.
But zooming out, overall growth for the quarter was actually the slowest since early 2022, mainly because hiring slowed down and exports were not as strong.
Composite PMI rises on domestic demand
September's boost came from Indian customers rather than exports.
The combined Services and Manufacturing PMI (Composite PMI) ticked up to 55.9, hinting at a moderate recovery.
Still, companies are playing it safe: only about 16% expect more business activity next year.
On the bright side, costs for businesses rose at their slowest pace in almost a year, even though fees charged to customers rose at their slowest pace since June.