The latest HSBC PMI data, compiled by S&P Global, showed that a stronger expansion in the manufacturing industry in India was more than offset by a loss of growth momentum in the service economy.Indian private sector companies started 2025 with a slowdown in growth.

The HSBC Flash India Composite Output Index, a key measure of activity in the manufacturing and services sectors, slipped to 57.9 in January from 59.2 in December, marking the slowest pace of expansio

India's business activity grew at the slowest pace in over a year in January, a survey showed, highlighting emerging cracks in its world-beating economic growth at start of 2025 although firms hired new staff at a record pace.

Falling from a final reading of 59.2 in December to 57.9 in January, the HSBC Flash India Composite Output Index indicated the weakest rate of expansion for 14 months.

The HSBC Flash India Composite Output Index, which tracks monthly changes in combined output from manufacturing and services, dropped from 59.2 in December to 57.9 in January, signalling the slowest expansion in 14 months.