India Manufacturing PMI Revised Slightly Lower

The HSBC India Manufacturing PMI was revised slightly lower to 59.1 in July 2025 from a preliminary estimate of 59.2, although it remained above June’s reading of 58.4. It marked the highest level since March 2024, highlighting the sector’s continued strength. New orders rose sharply and at an accelerated pace, growing at the fastest rate in nearly five years, supported by robust demand conditions and successful market strategies. Consequently, output growth also picked up, reaching a fifteen-month high. Meanwhile, hiring activity persisted at the start of the second fiscal quarter, though the rate of job creation slowed to its weakest in eight months. On the inflation front, input costs rose at a faster pace than in June, while output charges increased only slightly. Lastly, manufacturers remained optimistic about output growth over the next twelve months, but overall business sentiment slipped to its lowest level in three years.