In the Purchasing Managers' Index (PMI) parlance, a print above 50 means expansion, while a score below 50 denotes contraction.
"India's services
The growth was reportedly curbed by fierce competition,
According to the survey, firms reported the weakest rise in international orders in nine months. The rate of expansion moderated to the weakest in 2024 so far. Still, some firms noted gains from Asia, Europe, North America, the Middle East and the US.
The September data highlighted that there was solid
"Services companies' margins have likely been squeezed further, as prices charged rose at a slower pace when input cost inflation intensified. A long period of robust new business growth has led to strong labour demand," Bhandari said.
Meanwhile, HSBC India Composite Output Index fell from 60.7 in August to 58.3 in September as both factory production and services activity rose at slower rates.
Composite PMI indices are weighted averages of comparable manufacturing and services PMI indices. Weights reflect the relative size of the manufacturing and service sectors according to official GDP data.
Despite the loss of growth momentum, private sector employment rose markedly, and
With regards to prices, the latest results showed a quicker increase in aggregate input costs, parallel to a softer uptick in prices charged for the provision of Indian goods and services, the survey said.