PMI shows India – India’s manufacturing activity accelerated in October as strong domestic demand offset a slowdown in export growth, although trade optimism slipped from a seven-month high, a business survey showed on Monday (Nov 3, 2025). The HSBC India Manufacturing Purchasing Managers’ Index compiled by S&P Global rose to 59.

2 in October from 57. 7 in September, above the initial estimate of 58.

4. The 50. 0 point separates expansion from contraction on a monthly basis.

Output growth accelerated to the strongest pace combined in five years, which was seen in August. Manufacturers cited the strength of demand, efficiency improvements, new customers and technology investment as factors for the higher output.

But international sales growth weakened. New export orders grew at the slowest rate in 10 months, although growth remained substantial.

Despite input cost inflation hitting an eight-month low, output charge inflation remained at its highest level in almost 12 years for the second consecutive month. Companies reported that higher freight and labor costs were passed on to customers, while strong demand allowed them to maintain high prices.

“Strong final demand boosted expansion in production, new orders and job creation. Meanwhile, input prices declined in October, while average selling prices rose as some manufacturers passed on additional costs to end consumers,” said Pranjul Bhandari, chief India economist at HSBC.

Employment rose for the 20th consecutive month as companies hired to handle increased workloads but the pace of job creation remained moderate and similar to September levels. The future output sub-index measuring business optimism slipped from its seven-month high in September but remained strong. “Looking ahead, future business sentiment remains strong due to positive expectations around GST (Goods and Services Tax) reforms and healthy demand.

” Added Bhandari.