Business · Economy · 3 hrs ago
India private-sector activity reaches four-month high in October
India’s private-sector activity grew at its fastest pace in four months in October, according to an early business survey.
The survey’s combined index for manufacturing and services rose to 56.7 from 55.9 in September; readings above 50 indicate growth.
Services activity strengthened and factory output edged higher, with the overall pickup led mainly by services.
New orders increased, including export orders at their fastest pace in six months, with firms citing demand from the US, UK, West Asia and Bangladesh.
Hiring almost stalled as companies said existing staff could handle workloads; services firms made no staffing changes, ending a nine-month run of job growth.
Inflation pressures eased, with input costs rising at their slowest pace in almost a year and selling-price increases also slowing.
The flash figures are an early estimate, and final October PMI readings are due in early November.
India’s private-sector activity reached a four-month high in October, with the HSBC Flash India Composite Output Index rising to 56.7 from 55.9 in September.
Growth in manufacturing and services output accelerated, supported by stronger new orders and easing price pressures.
Employment rose only marginally, at the slowest pace so far this year, while services staffing levels were unchanged.
New export orders grew at their fastest pace in six months, with firms reporting demand from the US, the UK, West Asia and Bangladesh.
The final October PMI readings are due in early November.
- Who
- India’s private-sector businesses, surveyed for HSBC’s flash PMI compiled by S&P Global.
- What
- Business activity expanded at its fastest pace in four months. Hiring slowed to a marginal increase.
- When
- October 2026. The flash survey was released on Friday, October 23.
- Where
- India.
- Why
- Stronger new orders, including export orders, supported growth. Companies said existing staffing was sufficient to handle workloads.
This story does not have two clearly opposing sides.
The HSBC Flash India Composite Output Index stood at 55.9.
The index rose to 56.7, marking the fastest growth since June.
Employment increased only marginally, while services firms kept staffing levels unchanged.
The final PMI data for October are scheduled for release.
- Composite Output Index
- 56.7 in October, up from 55.9 in September
- Manufacturing Output Index
- 57.6 in October, up from 57.5
- Services Business Activity Index
- 56.2 in October, up from 55.2
- Manufacturing PMI
- 54.9 in October, down from 55.1
- New export orders
- Fastest increase in six months
- Employment
- Slowest pace of increase so far in 2026
4 sources
India’s private sector activity hits four-month high as inflation cools: HSBC Flash India PMI
India private sector growth hits four-month high in Oct: HSBC flash PMI
India October business growth hits 4-month high; hiring stalls, PMI shows
India’s Business Activity Picks Up Modestly, Flash PMIs Show
What people are saying
Private-sector manufacturing activity continued to expand, with the growth of output and new orders broadly unchanged at last month’s levels. However, the steady pace of new order growth masks the fastest increase in new export orders since June 2025. Manufacturers responded by increasing their stocks of purchases and finished goods. Input cost inflation eased, while the rise in selling prices softened to its weakest in almost four years.
The rate of job creation eased, however, and was only marginal as companies had sufficient staffing capacity to deplete outstanding business. Backlogs of work fell modestly and to the largest degree since August 2021.