India’s HSBC Manufacturing PMI rose to 55.1 in September 2026 from 52.8 in August, revised down from a preliminary estimate of 55.7, but marking the strongest improvement in the sector’s health in seven months. New orders increased at their fastest pace in seven months, while output growth accelerated to a four-month high, supported by firmer demand for electronic, food, pharmaceutical and textile products. New export orders also expanded at a quicker pace, with stronger demand from Brazil, Europe, the UAE and the US. The pickup in demand supported a solid resumption in factory employment, with employment growth rising at its fastest pace since May. Purchasing activity and inventories also increased at faster rates, while business confidence improved to a four-month high. On prices, input cost inflation accelerated, driven by higher prices for electronic components, pharmaceutical items and steel, while selling price inflation also quickened but remained modest.