India’s HSBC Composite PMI slipped to 56.2 in October 2026 from a flash estimate of 56.7, but stayed above September’s 55.9, indicating the fastest expansion in private-sector activity since June. The upturn was driven by stronger services activity, which more than offset a slowdown in factory output. New orders rose at their quickest rate since June, underscoring robust underlying demand. However, employment growth weakened and business confidence deteriorated compared with September.
On the price front, input cost pressures eased across both manufacturing and services, pushing overall input inflation down to an 11‑month low. Output price inflation also cooled, falling to its slowest pace since February 2022, though price pressures remained more pronounced in manufacturing than in services.
