The HSBC India Services PMI rose to 65.6 in August 2025 from 60.5 in July, according to a flash estimate. This marked the highest reading on record, signaling an exceptionally strong expansion in the services economy. The improvement was largely driven by a sharp rise in new business orders, both domestic and export-oriented, reflecting robust demand conditions. In response, firms hired more staffs to meet rising workloads. On the price front, higher wage bills—particularly among services firms—along with greater raw material costs drove a sharp increase in overall input prices. Companies also raised their charges amid strong demand. Lastly, services providers expressed greater confidence about future activity.