HSBC India Composite PMI slipped to 61.9 in September 2025 from August’s record high of 63.2, flash data showed. Still, the reading was the second-highest in over two years, with factory output growth outpacing services, though expansion eased across both sectors. New order growth slowed but stayed well above trend, while overseas demand rose at the weakest pace in six months, with diverging sectoral trends. Employment increased at a slower, moderate pace, and outstanding business rose only marginally. On the cost front, input expenses rose less sharply and selling price inflation eased, as faster factory gate price growth was offset by a slowdown in services inflation. Looking ahead, business confidence hit a seven-month high, driven by capacity expansion, competitive pricing, resilient demand, efficiency gains, and marketing efforts. Some firms also expected to benefit from the recent cut in the goods and services tax rate.
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