India's services sector activity eases slightly in March 2025

04 Apr 2025 Evaluate

India's services sector activity eased slightly in March 2025, weighed down by a marginal slowdown in sales amid softer demand conditions and easing inflationary pressures. According to the survey report, the seasonally adjusted HSBC India Services PMI Business Activity Index fell from February's reading of 59.0 to 58.5 in March, but remained above its long-run average of 54.2. In the Purchasing Managers' Index (PMI) parlance, a print above 50 means expansion, while a score below 50 denotes contraction. The HSBC India Composite PMI, which included robust manufacturing growth, rose to a seven-month high of 59.5 in March from February's 58.8, reflecting stronger overall private sector growth.

Output was supported by buoyant underlying demand and ongoing increases in new business. Sales rose at a softer pace than in February, albeit one that was still sharp. At the sub-sector level, there was a broad-based increase in business activity and sales, with Finance & Insurance exhibiting the strongest growth trends, followed by Consumer Services. The slowdown in growth of total new business reflected a weaker increase in international sales. New orders from abroad rose at the softest pace in 15 months.

On the price front, output charge inflation slowed to a three-and-a-half-year low in March. Only 1 per cent of survey participants reported higher average fees than in February, with the remaining companies signalling no change. Panellists identified heightened competition as the main challenge for growth prospects going ahead. The level of positive sentiment slipped to a seven-month low and was below its long-run average. Consumer Services firms were the most upbeat in March, followed by Finance & Insurance, Real Estate & Business Services and Transport, Information & Communication.

As per the survey, hiring activity across the service economy was pared back in March. Employment still rose at an above-trend pace, albeit one that was the weakest in close to a year. Outstanding business volumes among Indian service providers rose only slightly in March. Business expenses continued to increase in March, with panellists signalling higher food, freight, maintenance, medical equipment and vehicle spare part costs. The overall rate of inflation was solid, but eased to a five-month low. Consumer Services topped the input price inflation rankings and was the only category to see a pick-up in cost pressures.

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