In October 2025 India’s services purchasing‑managers index slipped to its lowest level in five months amid heavy seasonal rainfall and intensifying competition across sectors. Input‑cost inflation slowed significantly as firms cited lower GST slabs and easing raw‑material prices, allowing some pass‑through to clients. While the services sector remains the largest contributor to GDP, the slowdown signals the risk of broader growth softening ahead of year‑end. Economists say the cooling adds policy flexibility for the central bank but raises questions over momentum into the next fiscal quarter.