Although India's service sector maintained a strong performance in December, several of the survey's measures retreated as 2025 drew to a close. Rates of expansion in incoming new work and output eased to the slowest in 11 months, with companies refraining from recruiting additional staff. Firms remained upbeat towards growth prospects, but overall sentiment fell to its lowest level in nearly three-and a-half years. There were quicker increases in input costs and output charges than those registered in the previous month, though rates of inflation remained below their respective long-run averages. The seasonally adjusted HSBC India Services PMI Business Activity Index ' based on a single question asking how the level of business activity compares with the situation the month before ' fell from 59.8 in November to 58.0 in December, indicating the slowest rate of expansion since January.

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