India's services PMI rises to 55.2 in September, yet Q3 growth pace softens
What Happened
India's services sector picked up pace in September, with the HSBC India Services PMI rising to 55.2 from the previous month, signaling stronger business activity. However, despite the monthly improvement, the average growth rate for the July-September quarter was the weakest since 2022, reflecting softer overall momentum during the period.
Key Takeaways
The September PMI reading indicates the services sector remains in expansion mode, supported by demand and new business. However, the weaker quarterly trend suggests economic activity has moderated compared with the stronger growth seen over the past few years, warranting close monitoring in coming months.