The HSBC India Manufacturing PMI fell to 57.4 in November 2025 from October’s 59.2, below forecasts of 59. This indicates the slowest improvement in factory activity since February, though the sector remained comfortably above its long-run average. Factory output rose at the softest pace since May, reflecting weaker new order intakes and subdued domestic demand. New orders expanded modestly, with growth slower than in October, while export orders matched the previous month’s pace. Purchasing activity and input stocks increased only slightly, while employment rose at its weakest rate in over a year and a half. On prices, input cost inflation eased to its lowest level in nearly five and a half years, and output prices rose at the slowest pace since March. Business confidence for the year ahead remained positive, supported by competitive pricing strategies and recent capacity expansions. Still, overall sentiment slipped to its lowest level since mid-2022.
