India’s private sector activity remained robust in October 2025, with HSBC’s Flash PMI showing manufacturing growth accelerating to 58.4, while services moderated to 58.8. The composite index eased to 59.9 from 61.0 in September, reflecting a mixed momentum across sectors. Hiring and new orders continued to support overall expansion.
India’s economic pulse remained upbeat in October, as per HSBC’s Flash Purchasing Managers’ Index (PMI) compiled by S&P Global. While manufacturing activity gained pace, the services sector showed signs of cooling, leading to a slight dip in the composite index. The data reflects a resilient but recalibrating growth trajectory.
Key Highlights:
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Manufacturing PMI: Rose to 58.4 in October from 57.7 in September, signaling stronger factory output and new order inflows. This marks the highest reading in three months.
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Services PMI: Slipped to 58.8 from 60.9, indicating a slower expansion in business activity. Firms cited softer demand and cautious consumer sentiment.
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Composite PMI: The combined index fell to 59.9 from 61.0, still comfortably above the 50-mark that separates expansion from contraction.
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Employment Trends: Job creation continued, especially in services, with firms scaling up hiring to meet operational needs.
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Inflation Signals: Input costs rose moderately in manufacturing, while service providers reported subdued price pressures.
The PMI data suggests India’s economy remains on solid footing, with manufacturing driving momentum even as services recalibrate.
Sources: HSBC Flash India PMI (S&P Global), Mint, Trading Economics.