HSBC Flash India PMI September 2025 Highlights
Why in the news
HSBC India’s flash PMI for September 2025 showed growth losing some pace in factories and services, amid global trade tensions and domestic policy changes.
Key facts
- A reading above 50 signals expansion; all three headline numbers stayed well above it.
- Exports: new orders rose at their slowest in 6 months due to 50% US tariffs; domestic demand held on festive season and GST cuts.
- Costs: manufacturers cited cotton, steel and oil; services saw slower wage-driven costs.
- Prices: output charges rose more slowly even as factory-gate prices climbed at the fastest rate in 12 years.
- Jobs: hiring about 3% in manufacturing and 5% in services, a cooling trend.
| Index | Aug 2025 | Sept 2025 |
|---|---|---|
| Manufacturing | 59.3 | 58.5 |
| Services | 62.9 | 61.6 |
| Composite output | 63.2 | 61.9 |
Exam angle
- PMI above 50 means expansion.
- Export pressure cited: 50% US tariffs.