India's services sector growth moderates in March on marginal slowdown in output, sales: PMI

INDIA'S services sector activity eased slightly in March, weighed down by a marginal slowdown in sales amid softer demand conditions and easing inflationary pressures, a monthly survey said on Friday.

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The seasonally adjusted HSBC India Services PMI Business Activity Index fell from February's reading of 59.0 to 58.5 in March, but remained above its long-run average of 54.2.

In the Purchasing Managers' Index (PMI) parlance, a print above 50 means expansion, while a score below 50 denotes contraction.

"India recorded a 58.5 services PMI in March 2025, softening slightly from the month prior. Domestic and international demand remained fairly buoyant, despite being sequentially a tick lower than the month before," Pranjul Bhandari, Chief India Economist at HSBC, said.