HSBC India Composite PMI rose to 63.2 in August 2025, up from 61.1 in July and marking a 17-year high, despite coming in below the flash estimate of 65.2. The reading also sets a new record for the index, amid a broad-based pick-up in output growth across both manufacturing and services. Total new orders expanded at the fastest pace since mid-2010, though the acceleration was driven mainly by service providers. Employment also rose solidly, at a quicker pace than in July. By sector, manufacturing growth broadly stabilized, while services recorded a sharper increase.