Source: BS
Context:
HSBC India’s Flash Purchasing Managers Index (PMI) for September 2025 indicates moderation in growth momentum in both manufacturing and services sectors amid global trade tensions and domestic policy changes.
Key Highlights:
| Indicator | September 2025 | August 2025 | Trend / Observation |
|---|---|---|---|
| Manufacturing PMI | 58.5 | 59.3 | Expansion continues (PMI > 50), but growth moderated; new export orders slowest rise in 6 months due to 50% US tariffs; domestic demand resilient via festive season & GST cuts. |
| Services PMI | 61.6 | 62.9 | Continued expansion, slightly slower than August. |
| Composite PMI Output | 61.9 | 63.2 | Sustained expansion in overall economic activity. |
| Input Costs | Moderated | – | Manufacturers reported higher costs for cotton, steel, oil; services firms saw slower wage-driven expenses. |
| Output Charges | Rose at slower pace | – | Despite factory-gate prices climbing at fastest rate in 12 years. |
| Employment | Manufacturing: 3% hiring; Services: 5% hiring | – | Job creation cooling, especially in private sector. |
