HSBC Flash India PMI: private sector output at four-month high in October
Why in the news
The HSBC Flash India PMI released on 23 October 2026 showed private sector activity rising to a four-month high in October, led by stronger services output.
Key facts
- The Flash Composite Output Index climbed to 56.7 in October from 55.9 in September.
- The Flash Manufacturing PMI was 54.9, slightly below 55.1 in the previous month.
- The Flash Services PMI improved to 56.2 from 55.2.
- New export orders rose at their quickest rate since June 2025.
- Both input cost and output price inflation eased further.
- Services firms stopped adding staff on net after nine months of hiring, while factories added workers only marginally.
PMI readings
| Index | September 2026 | October 2026 (flash) |
|---|---|---|
| Composite Output | 55.9 | 56.7 |
| Manufacturing | 55.1 | 54.9 |
| Services | 55.2 | 56.2 |
About the PMI
The Purchasing Managers’ Index is a monthly survey-based gauge of business conditions. A reading above 50 signals expansion and below 50 signals contraction. The flash reading is an early estimate released ahead of the final monthly data. Pranjul Bhandari is HSBC’s Chief India Economist.
Exam angle
- PMI threshold: 50 separates growth from contraction.
- India’s composite PMI combines manufacturing and services readings.
- October 2026 flash composite: 56.7, a four-month high.