India Composite PMI Revised Lower

India’s HSBC Composite PMI stood at 54.3 in August 2026, down slightly from the flash reading of 54.6 but unchanged from July’s reading. The latest result signalled a solid pace of private-sector growth, although it remained the joint-slowest in 4-1/2 years and below the historical trend. Despite accelerating from July, total sales growth remained subdued, with the rate of expansion the second-weakest since February 2022. Growth in goods production slowed, while service providers recorded a faster upturn. Aggregate employment increased at the fastest pace in 14 months, as robust hiring among service firms more than offset continued job shedding in manufacturing. Meanwhile, composite input-cost inflation eased to a seven-month low, although the pace of charge inflation accelerated to its strongest since April.






