India’s October business activity grows at fastest pace in four months; flash PMI rises to 56.7
HSBC–S&P Global’s preliminary composite PMI rose from 55.9 in September to 56.7 in October, led by services, while hiring momentum weakened.
India | 23 October 2026: India’s private-sector business activity expanded at its fastest pace in four months in October, according to the preliminary HSBC–S&P Global Purchasing Managers’ Index (PMI) survey. The flash composite output index increased to 56.7 from September’s final reading of 55.9.
A PMI reading above 50 indicates expansion compared with the previous month. The flash PMI is an early survey-based indicator, not an official GDP growth estimate.
Key points
- Composite PMI: 55.9 in September to 56.7 in October.
- Services PMI: 55.2 to 56.2, leading the pickup in activity.
- Manufacturing headline PMI: 55.1 to 54.9, still above the expansion threshold.
- Employment: Services staffing was unchanged, ending a nine-month hiring streak; manufacturing hiring also slowed.
- Costs: Input-price inflation eased to its lowest level in almost a year.
Stronger new orders supported the improvement in output. However, firms largely handled additional work with existing staff rather than expanding payrolls. These are preliminary October survey findings and may differ from the final monthly readings.
Image note: Representative photograph of an Indian office workspace, not an image of the PMI survey or a specific event. Photo: Smartworks Coworking / Unsplash.
