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India's services PMI eased to 58.9 in October, marking the slowest expansion since May as competition and heavy rains weighed on growth, while cost pressures receded

India’s services sector growth eased in October, though it remained strong overall, supported by resilient demand and Goods and Services Tax (GST) relief. According to data released by S&P Global, the HSBC India Services Purchasing Managers’ Index (PMI) fell to 58.9 from 60.9 in September, indicating the slowest pace of expansion since May but staying well above the 50-mark that separates growth from contraction. 

Firms surveyed said higher client footfall and GST relief continued to support activity, but competition and heavy rains limited growth momentum. Despite the moderation, the headline index remained comfortably above its long-run average of 54.3.