HSBC Services PMI in India

S&P Global · Monthly · Importance

54.1 (Aug-26) ABS · index · Monthly · CSV

Period	index
Aug 2026	54.1
Jul 2026	53.1
Jun 2026	57.4

Period	index
Aug 2026	1.0

Period	index
Aug 2026	-4.4

About this indicator

Source

S&P Global Market Intelligence

Frequency

Monthly

Release

Flash around the 21st of the current month and final on the third working day of the following month, 07:00 CEST (05:00 UTC).

What it is

India's Services PMI (Business Activity Index) is a diffusion index based on a monthly survey of purchasing managers in the services sector. Above 50 signals expansion. It is compiled by S&P Global and sponsored by HSBC.

How it's calculated

A diffusion index of business activity in the services sector, based on a single question about the change from the previous month, seasonally adjusted.

Market implications

A leading indicator of the Indian economic cycle: it is released ahead of the national accounts and official industrial output, and markets take it as the first read of the month on a services sector that drives much of the country's growth.

Limitations

A qualitative survey: it measures the direction of change, not its size. The sample is private firms and the seasonal adjustment factors are revised periodically.