FX.co ★ India Composite PMI Revised Lower

HSBC India's Composite PMI decreased to 61.0 in September 2025, dropping from the preliminary estimate of 61.9 and August’s figure of 63.2, representing the lowest point since June. Despite this decline, it remains significantly above its long-term average. The latest figures highlight a widespread deceleration in output growth across both the manufacturing and services sectors. New orders saw their slowest growth in three months, while increases in foreign sales and employment also showed moderation. Inflation patterns varied, with manufacturing experiencing more rapid increases in input costs and selling prices, compared to the slower price rises observed in the services sector. Overall, the growth in private sector costs and charges reached its weakest rates in two and three months, respectively.