India's final HSBC/S&P Global Manufacturing PMI for October rose to 59.2, beating the flash estimate of 58.4. The figure indicates a solid expansion in manufacturing activity, supported by strong domestic demand, easing input costs, and favorable GST rate cuts, despite external headwinds like US tariffs.
The final reading of India’s HSBC/S&P Global Manufacturing Purchasing Managers’ Index (PMI) for October 2025 stood at 59.2, up from a flash estimate of 58.4 and marking a two-month high. This robust PMI figure underscores sustained growth in the manufacturing sector, driven by accelerated new orders and increased production levels.
The survey of 500 manufacturing companies highlighted improved business conditions, bolstered by easing input cost pressures attributed to recent GST rate cuts. Although export orders showed weaker growth due to continued US tariffs, domestic demand remained strong, fueling overall expansion.
Employment growth remained steady but moderate, with firms cautiously optimistic about production prospects over the coming year, citing new product launches, marketing efforts, and technology investments as key growth drivers.
The PMI's subindices for new orders, output, and supplier delivery times all contributed positively, reflecting an encouraging environment for Indian manufacturing amid a global landscape of economic uncertainties.
Key Highlights
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October final Manufacturing PMI at 59.2, above flash estimate of 58.4
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Manufacturing activity expands at a two-month high, driven by new orders and production
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Easing input cost pressures aided by GST rate cuts
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Export order growth slows due to US tariffs, domestic demand remains strong
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Employment growth steady but moderate with positive business outlook
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Firms confident about future production, supported by innovation and marketing initiatives
Sources: Trading Economics, Business Standard, DD News, S&P Global