The HSBC India Services PMI was revised higher to 59.8 in November 2025, up from preliminary estimates of 59.5 and from October’s five-month low of 58.9. The faster expansion in the services sector was supported by stronger growth in new orders. International sales continued to improve, though the rate of expansion decelerated to an eight-month low. Employment increased moderately, broadly in line with the pace seen over the previous two months. On the price front, input prices rose due to higher electricity, food, and rent costs. However, input cost inflation eased to a three-month low and remained below its long-run average. Meanwhile, output cost inflation slowed to its lowest level in over four years, amid firms’ efforts to boost demand. Looking ahead, business sentiment weakened amid concerns about competition and potential disruptions from state assembly elections.

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