India HSBC Services PMI in India

S&P Global · Monthly · Importance

56.2 (Oct-26) ABS · index · Monthly · CSV
1.0 (Oct-26) MOM · index · Monthly · CSV
-1.0 (Oct-26) YOY · index · Monthly · CSV
Periodindex
Oct 2026 56.2
Sep 2026 55.2
Aug 2026 54.1
Jul 2026 53.1
Jun 2026 57.4
Periodindex
Oct 2026 1.0
Periodindex
Oct 2026 -1.0

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.