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India's private sector activity gains momentum in September: Flash PMI data
Sep-23-2026

India's private sector activity gained momentum in the month of September 2026, as output growth ticked higher at both manufacturing and services companies, with goods producers leading the latest upturn. Aggregate new orders also rose at a quicker pace, prompting a solid expansion in jobs. Further, inflationary pressures faded and business confidence strengthened.

According to the data report, the HSBC Flash India PMI Composite Output Index - a seasonally adjusted index that measures the month-on-month change in the combined output of India's manufacturing and service sectors - was up from a final reading of 54.3 in August to 56.5 in September. Further, the HSBC Flash India Manufacturing PMI jumped from final reading of 52.8 in August to 55.7 in September, while HSBC Flash India Services PMI Business Activity Index rose to 55.8 in September from August’s final reading of 54.1. 

New export orders continued to rise across the private sector, but the rate of expansion softened from August and was the weakest in close to three years. The moderation reflected slower growth at services firms as manufacturers saw a marginally stronger increase in new work from abroad. Aggregate employment rose solidly in September, as companies continued to add to staffing capacity amid sustained growth of output and new orders. Job creation was recorded in both the manufacturing and service sectors, with rates of expansion broadly similar.


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