FX.co ★ India Composite PMI Revised Higher

In October 2025, the HSBC India Composite PMI registered a reading of 60.4, surpassing the flash estimate of 59.9 but falling short of September's 61.0, marking its lowest level since May. Both the manufacturing and services sectors showed strong expansion, although the growth momentum showed signs of softening. While the overall new demand increased at a slower yet solid rate, the pace of expansion reached a five-month low. This moderation was mainly attributable to a slowdown in the services sector, whereas manufacturers experienced a more rapid increase in both output and new orders. On the pricing front, input costs climbed at the slowest rate since August 2024, indicating reduced cost pressures among both goods producers and service providers. Nevertheless, output charges continued to rise at an above-trend rate, although the increase was the mildest observed since June, with inflation remaining steady for manufacturers and a slight deceleration in service prices.