The HSBC India Manufacturing PMI rose to 59.2 in October 2025, above the flash estimate of 58.4 and September’s 57.7, signaling faster growth in factory activity. New orders expanded sharply, supported by strong demand, advertising efforts, and optimism over GST reform, while output growth matched August’s pace, the joint-fastest in five years. Export orders increased solidly, though at the slowest rate so far this year. Purchasing activity rose at the quickest pace since May 2023 as firms built inventories and secured inputs. Employment grew for the 20th straight month, with a similar pace to September. Backlogs increased slightly, reflecting firm demand, while supplier delivery times improved to the best level in four months. Input cost inflation eased to an eight-month low, yet output prices rose at the joint-highest rate in 12 years as companies passed higher freight and labor costs to customers. Lastly, confidence remained strong, driven by GST reform and robust demand prospects.
