The HSBC India Services PMI climbed to 59.5 in November 2025, up from October’s five-month low of 58.9, and slightly below the market forecast of 59.7, preliminary estimates showed. The faster expansion in the services sector came as output growth accelerated, while foreign demand saw a mild loss of growth momentum. Outstanding business declined, while employment continued to rise, although job creation eased compared to the previous month. On the price front, both input and output cost inflation slowed.