India services sector loses steam: Growth moderates amid rains, competition; HSBC PMI shows softest rise in 5 months

India’s services sector experienced its slowest growth in five months during October, with the HSBC India Services PMI dipping to 58.9. Competitive pressures and heavy rainfall impacted business activity, though demand remained robust. Companies are optimistic about future growth and continued hiring, despite a slight moderation in overall economic expansion.