FX.co ★ India Composite PMI Confirmed at Over 4-Year Low

India’s HSBC Composite PMI was confirmed at 54.3 in July 2026, in line with the flash estimate and marking the lowest reading since March 2022. This was down from 57.1 in June, indicating the weakest expansion in private-sector activity since March 2022. The slowdown was driven by a sharp loss of momentum in the services sector, which more than offset a modest improvement in manufacturing output. New orders increased more slowly across both sectors, although manufacturers continued to outperform service providers. Despite the moderation in overall activity, employment growth accelerated to its fastest rate in three months, as stronger hiring in services more than compensated for a deceleration in manufacturing job creation. At the same time, input cost inflation across the private sector eased to a six-month low, but firms raised selling prices at the fastest pace since April, underscoring resilient pricing power.