FX.co ★ India’s HSBC Composite PMI Holds Steady at 54.3 in August, Signaling Ongoing Expansion

India’s private sector maintained its growth momentum in August, with the HSBC Manufacturing & Services PMI unchanged at 54.30, according to data updated on 3 September 2026. The reading, which matches the previous month’s level of 54.30, indicates continued expansion in business activity across both manufacturing and services.

On a month-over-month comparison basis, the stability in the PMI suggests that the pace of growth neither accelerated nor slowed in August versus July. As the PMI remains comfortably above the 50-point threshold that separates expansion from contraction, it points to ongoing resilience in India’s economic activity despite the absence of further month-on-month improvement.

With both the current and previous readings recorded in August 2026, the latest data underline a period of steady, if not accelerating, momentum for India’s private sector, as tracked by HSBC’s composite gauge of manufacturing and services performance.