FX.co ★ India’s HSBC Composite PMI Climbs to 56.5 in September, Signaling Stronger Private-Sector Momentum

India’s private sector gained further traction in September 2026, with the HSBC Manufacturing & Services PMI rising to 56.50 from 54.30 in August, according to data updated on 23 September 2026. The month‑over‑month improvement points to a stronger expansion in combined manufacturing and services activity.

The acceleration from August to September suggests that business conditions improved at a faster pace, with the latest reading moving deeper into expansionary territory above the neutral 50.0 mark. The comparison framework shows that the “actual” September figure reflects the change from the previous month, while the “previous” August reading captured the change versus July.

With both manufacturing and services contributing to the composite gain, the data indicate a broad-based strengthening in economic activity across India’s private sector as the third quarter draws to a close.