FX.co ★ India Manufacturing PMI Revised Slightly Lower

The HSBC India Manufacturing PMI for July 2025 was slightly adjusted downwards to 59.1 from an initial estimate of 59.2, yet it remained above June’s figure of 58.4. This marks the highest PMI level since March 2024, underscoring the sector's sustained vitality. New orders experienced a significant increase, advancing at the fastest pace seen in nearly five years, thanks to strong demand conditions and effective market strategies. Consequently, output growth also improved, achieving its highest level in fifteen months. Despite ongoing recruitment efforts at the start of the second fiscal quarter, the rate of job creation decelerated to the slowest it has been in eight months. Regarding inflation, input costs increased more rapidly than in June, while the rise in output charges was modest. Lastly, manufacturers maintained their optimism regarding output growth prospects over the next twelve months, although overall business sentiment declined to its lowest point in three years.