India PMI October 2023

India: Composite PMI records worst reading since March in October

The S&P Global Composite Purchasing Managers’ Index (PMI) came in at 58.4 in October, down from September’s 61.0. October’s result marked the worst reading since March. As such, the index remained entrenched above the 50.0 no-change threshold, signaling a softer, albeit still strong, improvement in private sector operating conditions from the previous month.

Meanwhile, the Manufacturing PMI clocked in at 55.5 in October, down from September’s 57.5. Lastly, the Services PMI fell to 58.4 in October (September: 61.0).

Output and new orders rose less sharply in both sectors, driving the deterioration in the composite PMI. Meanwhile, employment continued to rise in both sectors. Looking at prices, input and output prices rose in both sectors. Finally, business sentiment fell in both sectors, despite remaining optimistic.

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