Pranjul Bhandari, Chief India Economist at HSBC, said activity stayed strong despite being slightly below August’s high. The Future Activity Index reached its highest level since March, reflecting optimism among services firms.

The services sector continues to benefit from strong demand, new business activity, and a positive outlook. It remains a key contributor to India’s economic performance this year.

India’s manufacturing sector also maintained growth in September, though at a slower pace. The HSBC India Manufacturing PMI fell to 57.7 from 59.3 in August. Manufacturing output grew steadily, with stable employment and inventories, showing confidence in upcoming business prospects. Analysts said both sectors’ slight moderation does not affect the overall growth momentum, supported by steady domestic demand, policy stability, and improved business confidence.

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