FX.co ★ India Composite PMI Slips to 6-Month Low

The HSBC India Composite PMI decreased to 59.9 in November 2025, down from a final reading of 60.4 in October, according to preliminary data, marking the lowest point since May. Despite this decline, it significantly surpassed the long-term average of 54.9. Manufacturing output experienced its slowest expansion in nine months, although growth in the services sector picked up momentum. The increase in total new orders was the most modest in six months, as some companies faced challenges in acquiring new business, compounded by disruptions from heavy rainfall. International demand saw its weakest growth since March, due to heightened global competition and more cost-effective options available abroad. The amount of outstanding business declined again, suggesting limited capacity pressures for the second consecutive month. Employment continued to rise for the 42nd consecutive month, albeit at the slowest rate in over 18 months. Regarding pricing, input cost inflation dropped to its lowest level in nearly five and a half years, while the increase in output prices slowed to its lowest rate since March. Finally, while sentiment remained positive, it fell to its lowest level since July 2022.