India’s services sector activity moderated in October, easing to a five-month low of 58.9 from 60.9 in September, according to a private sector survey released on November 6.
This is the first time since June and only the third instance this year that the HSBC Services Purchasing Managers’ Index (PMI) has slipped below the 60 mark, indicating cooling in the growth momentum.
The services slowdown contrasts with a rebound in manufacturing. The HSBC Manufacturing PMI rose to 59.2 in October from 57.7 in the previous month, driven by festive demand and GST rate cuts.
October also marked the first time in nine months that the manufacturing sector expanded faster than services, suggesting a shift in growth momentum toward industrial activity as the third quarter of FY26 gets underway.
(This is a developing story, please check back for updates.)
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