India’s flash Purchasing Managers’ Index (PMI) data report has showed that India's private sector activity expanded at its slowest pace in six months in November. The HSBC Flash India Composite Output Index - a seasonally adjusted index that measures the month-on-month change in the combined output of India's manufacturing and service sectors - fell to 59.9 in November 2025 from 60.4 in October 2025. The HSBC Flash India Manufacturing PMI – a weighted average of the New Orders, Output, Employment, Suppliers’ Delivery Times and Stocks of Purchases indices – fell from 59.2 in October to 57.4 in November, indicating the slowest improvement in the health of the sector for nine months. The current figure nevertheless stayed above its long-run average.

According to the report, the slowdown in growth reflected a softer increase in factory production, one that was the weakest since May. Some manufacturers reported subdued intakes of new business in November. Concurrently, the latest rise in services activity was faster than that recorded in the previous month.  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. At the composite level, international sales rose at a marked pace that was the weakest since March. 

Besides, the report stated that 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. Only marginal declines were noted at both manufacturing and services firms, however. The combination of slower sales growth and falling backlogs reportedly stymied job creation across India's private sector midway through the third fiscal quarter. The latest increase in employment was the forty-second in consecutive months, but the least marked in over a year-and-a-half. Rates of expansion eased at manufacturing firms and their services counterparts.