Growth across India's private sector economy bounced back in January after losing some momentum at the end of the 2025 calendar year. The HSBC Flash PMI figures showed quicker increases in new orders and output, alongside the reinstatement of job creation and a rebound in business confidence. Rising from an 11-month low reading of 57.8 in December to 59.5 in January, 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 – indicated a sharp rate of expansion that was above the long-run series average. The HSBC Flash India Manufacturing PMI rose from 55.0 in December to 56.8 in January. This signalled the best improvement in operating conditions since last October.