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India's services sector expanded at its slowest pace in 14 months during March, as the ongoing Middle East conflict weighed on domestic demand and cost pressures intensified sharply, according to the latest HSBC India Services Purchasing Managers' Index (PMI).
The PMI dipped to 57.5 in March from 58.1 in February, edging above the preliminary reading of 57.2 but still signaling the sector's weakest growth since January 2024. Despite remaining well above the 50-point threshold that separates expansion from contraction, the deceleration reflects mounting headwinds for one of Asia's fastest-growing economies.
Domestic demand showed signs of strain, with new business growth hitting its slowest rate since January 2025. Survey respondents pointed to stiff competition, challenging market conditions, and softening consumer activity — partly attributed to the ripple effects of the Middle East war on tourism and trade sentiment. However, export demand offered a bright spot, with foreign orders surging to their second-highest level since the sub-index was introduced in September 2014, trailing only June 2024.
On the cost front, input prices climbed at their sharpest rate in 45 months, creating significant margin pressure across the sector. While businesses passed on some of these costs to clients — with output charges rising at the fastest pace in seven months — firms continued absorbing a portion of the burden, resulting in the widest gap between cost inflation and prices charged in nearly three years.
Despite the slowdown, hiring remained resilient. Employment grew for a third consecutive month at the strongest pace since June 2025, supported by rising business confidence that reached its highest level in nearly 12 years, with firms expressing optimism about future demand and market recovery.
The services slowdown, combined with manufacturing growth falling to a near four-year low, pulled India's Composite PMI down to 57.0 in March from 58.9 in February — its weakest reading in roughly three and a half years.
