India’s HSBC/S&P Global Manufacturing PMI for November 2025 came in at 56.6 versus a forecast of 59.0, signaling the slowest expansion in factory activity in nine months amid softer demand and subdued new orders. Despite the slowdown, the sector remains in growth territory above the 50-point threshold.
The HSBC/S&P Global India Manufacturing Purchasing Managers’ Index (PMI) for November 2025 registered 56.6, down from the October reading and below the forecasted 59.0. While the number indicates factory output and new orders are still expanding, the pace has moderated significantly, marking the slowest improvement since February.
This slowdown reflects weaker domestic demand, cautious vendor activity, and inflationary pressures easing. Employment growth also softened, and firms reported the slowest increase in new business for several months. However, the PMI remains comfortably above 50, signaling that manufacturing activity continues to expand, albeit at a cooling pace.
The manufacturing sector’s moderation corresponds with broader indicators showing some easing in India’s economic momentum, even as core industry output and consumer spending remain robust. Market observers expect RBI’s upcoming monetary policy announcement to support sustained growth through accommodative interest rate measures.
Key Highlights:
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November 2025 Manufacturing PMI at 56.6, below forecast of 59.0 and slower than prior month
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Slowest improvement in factory output and new orders since February
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Employment growth and vendor activity showed signs of moderation
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Inflation pressures eased, with input cost increases slowing
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PMI remains above 50, indicating continued sector expansion
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RBI’s forthcoming policy expected to support manufacturing growth
Source: HSBC, S&P Global, Economic Times, Reuters