FX.co ★ India Composite PMI Revised Higher

The HSBC India Composite PMI registered at 61.0 in July 2025, maintaining its level from the previous month and exceeding the preliminary estimate of 60.7. This marks the highest index reading since April 2024, driven by strong service sector activities which expanded at their fastest rate in 11 months, alongside manufacturing growth hitting a near 18-month peak. New orders surged at their most rapid pace since April 2024; however, employment growth decelerated to a 15-month low. Inflationary pressures increased, with both input costs and output prices rising more swiftly. Notably, only the rates of output inflation surpassed the historical average. Despite the robust headline figure, business confidence dimmed, as reflected by the Future Output Index dropping to its lowest point since March 2023.