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Investing.com -- India’s manufacturing sector growth accelerated in October, with the HSBC India Manufacturing Purchasing Managers’ Index (PMI) rising to 59.2 from 57.7 in September.
The expansion was primarily driven by stronger domestic demand, as new orders increased at a sharper pace compared to the previous month. Companies attributed this growth to advertising efforts, robust demand, and GST (Goods and Services Tax) reform.
Manufacturing output growth matched the joint-best rate seen in five years, while new export orders increased at the slowest pace in ten months, indicating that domestic sales were the main growth driver.
"Robust end-demand fuelled expansions in output, new orders, and job creation," said Pranjul Bhandari, Chief India Economist at HSBC.
Purchasing activity among manufacturers rose at the fastest pace since May 2023, with companies buying additional raw materials to support production and build inventories. Input inventories increased at the second-fastest rate since data collection began in March 2005.
Despite a moderation in input cost inflation to an eight-month low, output price inflation remained at a joint 12-year high, matching September’s level. Manufacturers cited strong demand as the key factor enabling them to raise prices, with some also transferring higher freight and labor costs to customers.
Employment in the manufacturing sector increased for the twentieth consecutive month, with the rate of job creation remaining moderate and similar to September’s level.
Looking ahead, manufacturers maintained positive expectations due to GST reform, expanded production capacities, and marketing initiatives. Supplier performance improved, with delivery times shortening to the greatest extent in four months.
The PMI data was collected between October 8-27, 2025.
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