The HSBC India Services PMI was revised lower to 58.0 in December 2025 from a preliminary estimate of 59.1 and a final reading of 59.8 in November, coming in below market forecasts of 59.3. The latest figure marked the softest expansion in the services sector since January, as new business and output eased to 11-month lows. However, new export orders rose at a marked pace, and one that was quicker than in November. Employment fell for the first time since May, though only marginally, as the vast majority of companies reported no change since November. On the price front, input cost inflation accelerated from November but remained among the softest in over five years. Meanwhile, selling prices rose slightly, recording one of the weakest increases in around two years. Looking ahead, business sentiment weakened to its lowest level in nearly three and a half years.

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