HSBC India Composite PMI slipped to 61.0 in September 2025, below the flash estimate of 61.9 and August’s 63.2, marking the lowest level since June. Although still comfortably above its long-run average, the latest data pointed to a broad-based slowdown in output growth across both manufacturing and services. Total new orders rose at the softest pace in three months, while gains in foreign sales and employment also eased. Inflation trends were mixed, with manufacturers seeing faster increases in input costs and selling prices, contrasting with slower rises in the service sector. Overall, private sector costs and charges grew at the weakest rates in two and three months, respectively.