India Manufacturing Growth Eases in September

The HSBC India Manufacturing PMI fell to 58.5 in September 2025, from August’s 17-and-a-half-year high of 59.3, preliminary data showed. Despite the moderation, the index remained comfortably above the neutral 50.0 threshold and its long-run average of 54.2, signaling a still-robust expansion in the sector. New orders rose markedly and stayed above trend, though the pace of growth cooled from August. Several firms cited favorable demand conditions, while others noted that competitive pressures weighed on order volumes. Employment also continued to expand, albeit at a slower pace, with only 3% of companies reporting job creation. Regarding prices, input cost inflation picked up in September, while output charges climbed at the fastest pace in over 12-and-a-half years. Still, firms expressed strong optimism about future output.