FX.co ★ India Composite PMI Revised Lower

In January 2026, HSBC reported India's Composite PMI at 58.4, slightly below the preliminary estimate of 59.5 but above the 11-month low of 57.8 observed in December. This figure indicates a robust expansion, attributed to increased momentum among manufacturers and service providers. New orders experienced growth, reaching a two-month high due to heightened demand in both the manufacturing and service industries. Employment saw an uptick after a period of stagnation in December, with moderate job creation in both sectors. Regarding pricing, inflation for input costs and output charges increased to four- and three-month highs, respectively, yet remained subdued in comparison to historical trends.