India's composite PMI eases to 58.8 in February

The HSBC India Services PMI was revised to 59.0 in February 2025 from 61.6 (flash), up from January's 26-month low of 56.5, marking 43 straight months of expansion.

New business inflows remained strong, driving one of the sharpest job growth rates since records began in 2005.

Backlogs of work rose, with outstanding business increasing at the fastest pace since May 2024.

Input cost inflation eased to a four-month low, while output price inflation stayed above the long-term average as firms passed costs onto customers. However, business confidence slipped to a six-month low.

The HSBC India Composite PMI eased to 58.8 in February 2025 from 60.6 (flash) but stayed above January's 57.7, marking 43 consecutive months of expansion. Services activity accelerated, while manufacturing hit a 14-month low.

New orders rose strongly, led by services, and employment growth stayed near record levels.

Cost pressures were the softest since last October, with lower inflation in manufacturing than services. However, selling prices for goods and services saw the sharpest rise in three months.

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