By Aparna Deb,News18

Copyright news18

India’s services sector maintained strong momentum in September, with activity holding comfortably above the expansion threshold despite a slight moderation from August’s peak. The index’s continued stay above the 60-mark for the fourth straight month reflects robust business expansion and resilient demand conditions.
The HSBC India Services Purchasing Managers’ Index (PMI) came in at 60.9, easing from a 15-year high of 62.9 recorded in August, according to data released on October 6.
The slowdown in services activity was milder compared to the manufacturing sector, where the PMI dipped to a four-month low of 57.7 from 59.3 in August. Economists said services remain a key growth driver for India’s economy, even as global trade challenges weigh on manufacturing exports.
At the Kautilya Economic Conclave (October 3–5), global experts highlighted that IT, financial services, and digital platforms will play a pivotal role in helping India achieve its goal of becoming a developed economy by 2047.
Last week, the Reserve Bank of India raised its FY26 growth forecast for the country to 6.8% from 6.5% earlier, projecting Q2FY26 growth at around 7%. This follows India’s stronger-than-expected 7.8% GDP growth in the first quarter of the fiscal year.