India Composite PMI Revised Higher

The HSBC India Composite PMI rose to 59.5 in March 2025, surpassing the flash estimate of 58.6 and improving from 58.8 in the previous month.

This marked the highest level since August, with factory activity growing the most in 20 months and the service economy extending its robust expansion.

For both new business and output, expansion rates were stronger in the manufacturing sector, which experienced a notable pick-up in growth.

Although service providers faced a slowdown, they still recorded substantial increases.

Meanwhile, employment rose at its slowest pace in nearly a year, as job creation eased among goods producers and service companies.

On the price front, aggregate input costs grew at their softest rate in five months, while output charge inflation dropped to its lowest level in more than three years.

Services firms experienced a quicker rise in expenses, whereas goods producers saw a faster increase in selling prices.