FX.co ★ India Composite PMI Rises from 11-Month Low

The HSBC India Composite PMI experienced an uptick, reaching 59.5 in January 2026, compared to December's 11-month low of 57.8, according to preliminary data. This figure significantly exceeded the long-term average, propelled by robust expansion in both manufacturing and services sectors. New orders picked up pace due to increased demand and strategic marketing initiatives, while international demand saw its highest growth in four months, predominantly driven by markets in Asia, Australia, Europe, Latin America, and the Middle East. Employment levels showed improvement after a stagnant December, with job creation being moderate yet consistent with historical patterns. Outstanding business continued to grow for a second month, however, the increase was slight. Regarding pricing, input cost inflation reached a four-month peak but remained relatively mild by historical measures. Meanwhile, output price inflation was at its highest in three months. Business confidence hit a three-month high, buoyed by gains in efficiency, stronger demand, strategic marketing fund allocations, and favorable foreign exchange rates, notwithstanding that it was still below the average for the series.