The HSBC India Composite PMI fell to 59.9 in October 2025 from a final 61.0 in the previous month, flash data showed. It marked the lowest reading since May, with growth in new orders easing to a five-month low while foreign demand rose at the slowest pace since March. Employment also increased at a milder rate, with its rate of expansion hitting its lowest level in 1-1/2 years. Meanwhile, backlogs of work remained unchanged, as a slight fall in services offset a modest rise in manufacturing, ending a 45-month streak of backlog accumulation. On the price front, input cost inflation moderated to its lowest since June, while output charge inflation quickened slightly. Looking ahead, business confidence remained positive, but the sentiment index fell amid concerns over competition, market conditions, and softer demand.