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Informist, Friday, Nov. 21, 2025

 

--India Nov flash composite PMI output index 59.9 vs 60.4 Oct final 

--India Nov flash services PMI activity index 59.5 vs 58.9 Oct final 

--India Nov flash manufacturing PMI 57.4 vs 59.2 Oct final

 

NEW DELHI – India's private sector activity in November expanded at the slowest pace in six months because of a slowdown in the manufacturing sector. The HSBC Flash Composite Purchasing Managers' Index fell to 59.9 in November from 60.4 in October, S&P Global said Friday. The services sector growth momentum in November was better than the previous month, S&P Global, which compiles the PMI, said in a release. 

 

The flash manufacturing PMI fell to 57.4 in November from the final print of 59.2 in October. The flash services PMI rose to 59.5 in November from 58.9 in October. A PMI reading of more than 50 denotes expansion in activity from the previous month, while a print below 50 indicates contraction.

 

"The HSBC flash manufacturing PMI eased, though the improvement in operating conditions remained healthy," Pranjul Bhandari, chief India economist at HSBC, said in the release. "The rise in new export orders matched that seen in October. However, overall new orders came in soft, indicating that the GST-led boost may have peaked. Cost pressures eased considerably, and so did prices charged."  

 

According to S&P Global, anecdotal evidence showed that the slowdown stemmed from challenges securing new business among some firms and heavy rain across parts of the country.

 

The HSBC Flash Manufacturing PMI – a weighted average of the new orders, output, employment, suppliers' delivery times and stocks of purchases indices – showed the slowest improvement in nine months in November. The slowdown in growth reflected a softer increase in factory production - the weakest since May. Some manufacturers reported subdued intakes of new business in November, the release said.

 

The rate of growth in new export orders among goods producers matched that seen in October, while service providers experienced a mild loss of growth momentum, with international sales rising at the weakest pace since March. Survey members indicated that the upturn was curbed by fierce competition in global markets and the offer of cheaper products and services elsewhere, compiler S&P Global said. 

 

Indian private sector companies signalled an absence of capacity pressures for the second month in a row, with outstanding business volumes decreasing further during November. As per the release, the combination of slower sales growth and falling backlogs reportedly stymied job creation across India's private sector midway through Oct-Dec. The latest increase in employment marked the 42nd consecutive month of growth, but the least pace in over a year-and-a-half, S&P Global said. 

Indian companies signalled another monthly increase in input costs in November, though the rate of inflation was marginal and the weakest in nearly five-and-a-half years. Similarly, there was a softer uptick in output prices, the slowest since March. "The latest flash results showed a widespread cooling of inflationary pressures at manufacturers and service providers," as per S&P Global. 

 

Private sector firms in India forecast output growth in the year ahead, supported by competitive pricing strategies, marketing initiatives and capacity expansion efforts in recent months. "That said, the overall level of confidence fell to its lowest since mid-2022 during November," S&P Global said.  End

 

Reported by Priyasmita Dutta

Edited by Deepshikha Bhardwaj

 

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