FX.co ★ India Manufacturing Growth Softest in 9 Months

In November 2025, the HSBC India Manufacturing PMI decreased to 57.4, down from 59.2 in October, which was lower than the anticipated figure of 59. This signifies the slowest enhancement in manufacturing activity since February, although the sector continued to perform well above its long-term average. The growth in factory output was at its most moderate rate since May, due to weaker intakes of new orders and subdued domestic demand. While new orders did see some expansion, their growth was more restrained compared to October, and the pace of export orders remained consistent with the previous month's figures. Purchasing activities and inventory of inputs saw only minimal increases, while employment rose at its slowest pace in over 18 months. As for pricing, input cost inflation dropped to its lowest in nearly five and a half years, and the rise in output prices was the slowest observed since March. Despite a generally positive outlook for the year ahead, fueled by competitive pricing and recent expansions in capacity, overall business sentiment dipped to its lowest point since mid-2022.