India Services PMI Revised Slightly Downward

The HSBC India Services PMI was revised lower to 60.4 in June 2025 from 60.7 in the preliminary estimates, following a final 58.8 in the previous month. Still, the latest reading marked the fastest expansion since last August, as output and new orders grew the most in 10 months, mainly boosted by domestic sales. Meanwhile, new export orders rose at the slowest pace in three months, albeit remaining among the strongest in the series’ history. Employment increased for the thirty-seventh consecutive month, with the rate of job growth outpacing its long-run average despite slowing from May’s record. On the price front, input cost inflation eased to a ten-month low, while output price inflation slowed but remained above the series trend. Finally, business sentiment deteriorated and fell below its long-run average.