The HSBC India Services PMI fell to 59.1 in December 2025 from 59.8 in November, pointing to a slightly slower but still strong expansion in services activity, preliminary estimates showed. Business activity growth softened to its weakest pace since February, in line with a moderation in new business inflows, though demand conditions remained resilient overall. New export business continued to expand, albeit unevenly across markets. Employment levels were broadly stable, as firms reported existing staffing was sufficient to meet current workloads, while backlogs of work remained largely unchanged. On the price front, input cost inflation stayed muted, while output prices rose at a slightly faster pace than in November. Business confidence for the year ahead weakened further.