India services PMI slips to 11-month low in Dec 2025 as new orders ease | Economy & Policy News

India’s services sector continued its strong momentum in December 2025, with the HSBC India Services Purchasing Managers’ Index (PMI) falling to 58.0 from 59.8 in November, 2025, according to the data compiled by S&P Global.

The growth remained strong, with the index staying well above the neutral mark. A reading above 50 indicates economic expansion, while one below 50 shows contraction in the manufacturing or construction sectors. A reading of exactly 50 signifies no change.

Economics Associate Director at S&P Global Market Intelligence Pollyanna De Lima said, “While India’s service sector continued to perform well in December, the retreat in several survey indicators as 2025 ended may suggest a moderation in growth heading into the new year.

Manufacturing PMI eased to 55 in Dec

India’s manufacturing sector grew at a slower pace in December last year, with the HSBC Manufacturing Purchasing Managers’ Index (PMI) slipping to 55.0 during the month from 56.6 in November, marking a 38-month low.