2025.12.1605:04:53UTC+00India Composite PMI Slips to 10-Month Low

In December 2025, the HSBC India Composite PMI decreased to 58.9 from November's final figure of 59.7, according to preliminary data. This marked its lowest point since February, driven by a deceleration in growth within both the manufacturing and service sectors. Although total new orders slowed, foreign sales experienced their most significant growth in three months. Employment levels remained largely unchanged, with the smallest workforce gains observed since February 2024. Nevertheless, companies successfully managed workloads, resulting in three consecutive months of stable backlogs. Regarding prices, input costs saw a modest increase, slightly above a near five-and-a-half-year low, while inflation continued to stay below the series' average. Output charges also saw a modest rise, marking the second-slowest pace in nine months, indicating overall price pressures were weaker than the 2025 average. Looking forward, while confidence remained positive, optimism declined for the third consecutive month to its lowest level since July 2022.