NEW DELHI — India’s private sector business activity expanded at its fastest pace since June in October, supported by stronger output and new orders across manufacturing and services. However, companies remained cautious about recruitment, according to a preliminary business survey.
The HSBC Flash India Composite Purchasing Managers’ Index (PMI) Output Index rose to 56.7 in October from 55.9 in September. A reading above 50 indicates expansion. The services business activity index increased to 56.2 from 55.2, while the manufacturing output index edged up to 57.6 from 57.5.
New export orders grew at their fastest pace since June 2025, with companies reporting stronger demand from markets including the United States, the United Kingdom, the Middle East and Bangladesh.
Cost pressures also eased. Input-cost inflation slowed for a seventh consecutive month, reaching its lowest level in nearly a year. Manufacturers and service providers also moderated their price increases.
Despite stronger business activity, employment growth slowed to its weakest pace so far in 2026. Staffing levels in the services sector remained unchanged, ending a nine-month period of job creation, while manufacturing companies continued to add workers at a slower rate.
The figures point to resilient business demand and easing cost pressures, even as companies remain cautious about expanding their workforces.
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