The HSBC India Services PMI increased to 54.5 in August 2026 from 53.3 in the previous month, which was the weakest expansion since early 2022, and above market forecasts of 53.8, according to preliminary estimates. Still, the latest reading signaled accelerating growth, with employment increasing. On the price front, input prices rose at a faster rate, while output inflation also accelerated, highlighting increased efforts to pass through costs to customers.