The HSBC India Services PMI fell to 58.8 in October 2025, down from a final reading of 60.9 in September, preliminary estimates showed. It marked the slowest expansion in the services sector since May, reflecting softer increases in sales. The slowdown in new business was attributed to stronger competition as well as disruptions caused by floods and landslides. Foreign sales remained favorable in October, though firms reported a softer upturn than in the previous month. Meanwhile, outstanding business posted a marginal decline. On the price front, input cost inflation eased, partly due to the reduction in the goods and services tax (GST) rate, while output cost inflation accelerated. Business sentiment remained positive overall.