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The HSBC Flash India Composite PMI rose to 56.5 in September 2026 from 54.3 in August, a three month high, with the Manufacturing PMI climbing to 55.7 from 52.8 and the Services PMI Business Activity Index rising to 55.8 from 54.1, according to the preliminary survey released on 23 September 2026. The index has stayed above the 50 mark separating expansion from contraction for 62 consecutive months, with output and new orders accelerating across both manufacturing and services and hiring picking up, even as new export orders grew at their slowest pace in nearly three years. HSBC's chief India economist Pranjul Bhandari said renewed tensions in the Middle East had led firms to build buffers to manage uncertainty, while input cost inflation eased to its lowest level since January even as manufacturers' own output price inflation gathered pace.