FX.co ★ India Composite PMI Revised Lower

In November 2025, the HSBC India Composite PMI was reported at 59.7, slightly down from the preliminary estimate of 59.9 and October’s figure of 60.4, registering its lowest point since May. Despite this decline, the PMI remained significantly above the long-term average of 54.9. Manufacturing activity saw its slowest growth in 11 months, whereas the services sector experienced an uptick in expansion. While new orders continued to grow, the increase was at its slowest rate in six months. Growth in output and sales for manufacturers slowed, but service providers saw faster increases. On the financial side, input price inflation eased in both manufacturing and services sectors, resulting in the mildest rise in expenses over the current 64-month period. Meanwhile, output price inflation reached its lowest point in eight months, with fewer price increases noted among both manufacturers and service firms.