India’s March PMI data showed a moderation in business activity, with the services PMI slipping to a 14-month low of 57, while the composite PMI stood at 57, indicating continued expansion in economic activity despite a slight slowdown.

Key Highlights

• India services PMI falls to 57 in March marking 14-month low yet expansion continues.
• Composite PMI at 57 signals steady economic growth despite moderation in services sector activity.

According to the latest data, the decline in India services PMI March reflects softer growth in the services sector compared to previous months. However, the index remains well above the 50-mark, signaling that the sector continues to expand at a healthy pace.

The India services PMI eased to 57 in March, marking its lowest level in over a year. The slowdown was attributed to a moderation in new business inflows and slightly softer demand conditions.

Despite the decline, businesses continued to report growth in output, supported by resilient domestic demand and steady client activity across sectors such as finance, technology, and consumer services.

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The India composite PMI March remained at 57, combining performance across manufacturing and services sectors. This indicates that overall private sector activity continues to expand, albeit at a slower pace.

The data suggests that while momentum has eased slightly, India’s economy remains on a strong growth trajectory compared to global peers.