FX.co ★ India Manufacturing PMI Revised Lower

The HSBC India Manufacturing Purchasing Managers' Index (PMI) for November 2025 declined to 56.6, a revision from initial estimates of 57.4 and lower than October's reading of 59.2. This marks the slowest improvement in operating conditions since February, yet the sector remains above its long-term average of 54.2. Although factory output continued to grow robustly, the rate of expansion was the weakest since February, indicating softer new order inflows and challenging market conditions. Domestic new orders experienced modest growth, while new export orders increased at their slowest rate in over a year. Employment growth decelerated to its weakest in a 21-month period of continuous expansion. Inflationary pressures on input costs and output prices eased to their lowest rates in nine and eight months, respectively. While stocks of purchases increased, it was at the slowest pace in nine months, and inventories of finished goods decreased. Business confidence for the coming year remains positive, though optimism has dipped to its lowest since mid-2022.