India’s private sector growth remained strong in October, but service sector expansion slowed, with mixed price trends and moderate job creation.

• HSBC Flash India Composite Output Index fell from 61.0 to 59.9, marking the lowest growth rate since May 2025.
• Manufacturing PMI improved to 58.4, indicating stronger conditions, while international sales and new orders grew at slower rates than in September.
• Employment growth was moderate, input costs rose slowly, and business optimism slightly declined despite continued confidence in future output.