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India’s private sector activity improved slightly in August, with stronger services growth helping offset a continued slowdown in manufacturing, according to the latest HSBC Purchasing Managers’ Index (PMI) survey compiled by S&P Global.
The flash HSBC India Composite PMI increased to 54.6 in August from 54.3 in July, when the index hit a 52-month low. The latest figure also exceeded the Reuters poll median forecast of 54.3. A PMI reading above 50 indicates expansion, although India’s latest result remains well below the recent average of around 60.
Demand conditions showed some improvement during the month. New orders expanded at a faster rate, but growth remained subdued compared with historical levels. Businesses pointed to difficult market conditions, intense competition and weaker customer requirements as factors limiting demand. Growth in export orders also lost momentum from July.
India’s services sector, which accounts for the largest share of the economy, was the main driver of August’s improvement. The services PMI climbed to 54.5 from a 53-month low of 53.3 in July.
Manufacturing conditions weakened further, however. The manufacturing PMI dropped for a third consecutive month to 52.9 from 53.5, marking its lowest reading since August 2021. Growth in factory output and new orders also slowed to their weakest levels in five years.
Employment trends were mixed. Manufacturing companies reduced staffing for the first time in two-and-a-half years. Overall private sector employment nevertheless accelerated to its joint-fastest pace since June 2025, supported by services hiring growth reaching a 15-month high.
Inflation pressures showed contrasting trends. Overall input costs increased at their slowest pace in seven months, but companies raised selling prices at the fastest rate since April as they sought to pass higher expenses on to customers.
Meanwhile, Indian businesses became slightly more optimistic about activity over the next 12 months. Despite the improvement in confidence, sentiment remained more cautious than levels recorded earlier in 2026.
