India’s services sector witnessed deceleration in growth during the month of October, as rates of expansion softened, due to competitive conditions and price pressures. There were also faster increases in input costs and output charges during October, with rates of inflation outpacing their respective long-run averages. At the same time, a pick-up in inflation expectations dampened overall business sentiment.
As per the survey report, the seasonally adjusted S&P Global India Services PMI Business Activity Index eased to 58.4 in October from 61.0 in September. Further, the S&P Global India Composite PMI Output Index -- which measures both manufacturing and services -- also fell to 58.4 in October as against 61.0 in September.
The report stated that new business received by services companies rose for the twenty-seventh month in a row during October. Although the weakest since May, the rate of growth remained substantial. Services companies in India reported an increase in their expenses in October, which they attributed to higher food, fuel and staff costs.
On the price front, firms felt the need to share additional cost burdens with their clients in October, resulting in another monthly increase in selling prices. The rate of charge inflation was marked, above its long-run average and the joint-strongest in close to six-and-a-half years.
MoneyWorks4Me is a SEBI-registered Investment Adviser (IA) dedicated to helping investors build long-term wealth through transparent, research-driven, conflict-free guidance. Founded in 2008, we started our journey as a Research Analyst (RA), providing deep fundamental analysis, intrinsic value insights, and long-term investing frameworks for Indian equities. In 2017, we transitioned to a full-fledged SEBI-registered Investment Adviser, strengthening our commitment to acting as a fiduciary—always putting the investor’s interest first.
To become India’s most trusted, research-powered fiduciary advisory platform—where every investor, regardless of experience, can make calm, confident, and well-reasoned investment decisions.
MoneyWorks4Me ensures this through: