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India’s services sector sustained strong momentum in May, driven by robust export demand and unprecedented hiring, according to the HSBC India Services Purchasing Managers’ Index (PMI) released by S&P Global. The index rose slightly to 58.8 in May from 58.7 in April, remaining well above the 50-point threshold that signals expansion for the 47th consecutive month.
New business continued to surge, supported by marketing efforts, repeat clients, and improving demand trends. Export orders grew at one of the fastest rates in the survey’s 19-year history, highlighting increased global interest in Indian services.
To meet this rising demand, companies ramped up hiring, with nearly 16% of respondents increasing staff—the highest hiring rate recorded since the survey began in 2005. However, this hiring surge, alongside increased costs for cooking oil, meat, materials, and overtime pay, pushed input and output prices higher, marking the steepest cost inflation since January.
These growing price pressures may complicate the Reserve Bank of India’s monetary policy outlook. The RBI, having already cut rates by 50 basis points this year, is expected to reduce the repo rate by another 25 basis points to 5.75% on Friday, according to a Reuters poll, despite inflation staying below the 4.0% target.
Business confidence rebounded from a 23-month low in April, buoyed by larger client bases, expanded teams, and ongoing promotional strategies. Meanwhile, the HSBC India Composite PMI—which covers both manufacturing and services—slipped slightly to 59.3 in May from 59.7 in April, still indicating strong private sector growth.
Overall, India’s services sector remains a key pillar of economic strength, balancing growth opportunities with rising inflationary risks.
