FX.co ★ India Manufacturing Growth Picks Up in October

The HSBC India Manufacturing Purchasing Managers' Index (PMI) increased to 58.4 in October 2025, up from 57.7 in September, based on preliminary figures. This latest data indicates a significant enhancement in manufacturing conditions, with firms experiencing a slightly more rapid rise in new order volumes. International demand for Indian products remained robust throughout the month, even though the growth in export orders was the weakest recorded since March, primarily due to tariffs imposed by the United States. In terms of pricing, manufacturers observed reduced cost pressures for inputs in October, largely attributed to relief measures under the Goods and Services Tax (GST). Despite this, inflation for output charges continued its upward trend. Looking ahead, Indian manufacturers are highly optimistic about production prospects over the coming year, boosted by anticipated benefits from GST rate reductions, increased marketing activities, new product introductions, and investments in technology.