FX.co ★ India Composite PMI Revised Higher

In March 2025, the HSBC India Composite PMI climbed to 59.5, exceeding the preliminary prediction of 58.6 and improving from 58.8 in the prior month. This is the highest tally since August, with manufacturing activity posting its best performance in 20 months, and the service sector continuing its robust expansion. In terms of new business and output, growth rates were particularly strong in manufacturing, showing a significant upsurge. Despite a deceleration, service providers also registered considerable growth. However, employment growth was at its slowest in nearly a year as job creation tapered among both manufacturers and service providers. On the cost front, overall input costs rose at their least rapid pace in five months, with output price inflation falling to its lowest point in over three years. While service firms faced quicker rises in costs, manufacturers experienced more accelerated increases in selling prices.