Services PMI
PMI = Purchasing Managers' Index- How often
- Every monthThird working day of the month
- Next release
- Thu 3 DecIn 21 days · expected · 10:30 AM
October 2026, up from 55.2 in September 2026.
Events on this chart
Source: S&P Global, released 4 Nov 2026 · Chart: Clarity UPSC
- Previous
- 55.2Sep 2026
- Highest
- 55.8Oct 2026
- Lowest
- 55.2Sep 2026
2 readings since Sep 2026.
Story
A monthly survey of service firms. Above 50 means activity grew from the month before.
What is happening now As of Oct 2026
The HSBC India Services Purchasing Managers' Index (PMI) rose to 55.8 in October 2026 from 55.2 in September, the fastest growth in four months. S&P Global says new business was the main driver: sales rose at the fastest rate since June, helped by strong demand, new clients and advertising. Finance and insurance led; real estate and business services grew the least.
Most new sales came from within India. Export orders rose only marginally, the weakest rise since February 2023. Input costs rose at the slowest pace in over six years, and firms raised their charges at the slowest rate since June. Hiring slowed and confidence about the year ahead fell. The Composite PMI rose to 56.2 from 55.9.
Why it matters
Services are the largest part of India's economy: banks and insurers, software and telecom firms, transport, hotels and property. The Services Purchasing Managers' Index (PMI) is the first reading each month of how these businesses are doing. It comes out on the third working day of the next month, long before quarterly output figures.
Its details show where demand comes from and how prices move. New export business tracks foreign demand for Indian services, and the input and output price indices show cost pressures that can feed into consumer inflation. The Composite PMI, which combines services with manufacturing, gives a quick reading of private business activity as a whole.
What it is
The HSBC India Services Purchasing Managers' Index (PMI) surveys about 400 service companies in consumer services (excluding retail), transport, information, communication, finance, insurance, real estate and business services. S&P Global compiles it and HSBC sponsors it.
The headline is the Business Activity Index. Firms say whether their volume of business activity is higher, the same or lower than a month earlier. The index is the share saying 'higher' plus half the share saying 'unchanged', seasonally adjusted, so 50 means no change.
The Composite PMI combines this index with manufacturing output, weighted by each sector's size in official Gross Domestic Product (GDP) data.
Read this number
- The publisher
- S&P Global compiles the HSBC India Purchasing Managers' Indices from monthly surveys of companies.
Terms on this page (2)
- GDP
- Gross Domestic Product
- GVA
- Gross Value Added
History
- Mar 2005The India manufacturing Purchasing Managers' Index (PMI) survey begins.
- Dec 2005Data collection for the India services survey begins.
- 3 Jan 2024HSBC becomes sponsor of S&P Global's India PMI series, including services, and announces India's first Flash PMI.
Readings
| Period | Value | Status | Released |
|---|---|---|---|
| Oct 2026 | 55.8 | Final | 4 Nov 2026 |
| Sep 2026 | 55.2 | Final | 4 Nov 2026 |
For UPSC
Services made up more than half of India's Gross Value Added (GVA) in 2022-23, so this survey is a quick signal for most of the economy. Its headline is a single activity index, unlike the five-part manufacturing Purchasing Managers' Index (PMI), and both are private surveys.