FX.co ★ India Manufacturing Growth Strongest in 14 Months

The HSBC India Manufacturing PMI climbed to 58.4 in June 2025, an increase from 57.6 in May and surpassing market forecasts of 57.7, as per preliminary data. This represents the highest figure since April 2024, driven by a robust increase in new business and a significant rise in new export orders. The combination of strong global demand and growing backlogs encouraged manufacturers to scale up their workforce, resulting in employment growth reaching the highest level recorded in the existing series. On the pricing front, the rise in input costs slowed, providing some relief to manufacturers. However, output charge inflation remained unchanged from May, keeping it among the highest rates since November 2013. Looking forward, there was a slight uptick in business confidence, with manufacturers exhibiting increased optimism about future output amid expectations of continued demand growth.