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India Services Growth Above Forecasts While Manufacturing Expands Less Than in Five Years
India Manufacturing Expands Least in 5 Years
India’s HSBC Manufacturing PMI eased to 52.9 in August 2026 from 53.5 in July, marking the weakest improvement in factory conditions since August 2021. Output and new orders continued to expand, although both recorded their slowest growth in five years amid challenging market conditions, competitive pressures and softer customer demand. Export orders also increased solidly, but growth eased from July. Purchasing activity rose, broadly reflecting stronger new order volumes, but input buying expanded at its slowest pace in more than five years, leading to softer inventory accumulation. Employment in the manufacturing sector fell for the first time in two-and-a-half years. On prices, input cost inflation softened to a seven-month low, while output price inflation accelerated to its strongest pace since April as firms increased efforts to pass higher costs on to customers. Business confidence improved from July on hopes of better market conditions.
India Services Growth Above Forecasts
IThe HSBC India Services PMI increased to 54.5 in August 2026 from 53.3 in the previous month, which was the weakest expansion since early 2022, and above market forecasts of 53.8, according to preliminary estimates. Still, the latest reading signaled accelerating growth, with new orders continuing to rise, though at a softer rate, while employment increased. On the price front, input prices rose at a faster rate, while output inflation also accelerated, highlighting increased efforts to pass through costs to customers. Looking ahead, business confidence strengthened amid hopes of improved market conditions.
India Composite PMI Rises from Over 4-Year Low
IIndia’s HSBC Composite Flash PMI edged up to 54.6 in August 2026 from a final 54.3 in the previous month, which had marked the lowest reading since March 2022. Services growth strengthened, offsetting the weakest factory output in five years. New orders rose marginally, staying below recent trends, while export demand remained solid, with firms citing stronger orders from the US, Germany, China, Singapore, and Japan. Hiring accelerated to match the joint-fastest pace since June 2025, as companies expanded staff to meet demand. Outstanding business fell at its steepest rate in five years, though modestly, reflecting backlog clearances. Input costs rose firmly on higher electricity, steel, transport, and tech expenses, yet cost inflation eased to a seven-month low. Selling price inflation, however, picked up to its strongest since April, driven by both services and manufacturing. Lastly, sentiment inched higher, lifted by expectations of improving market conditions.
