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India’s manufacturing PMI rebounds to 55.1 in September
Oct-01-2026

India’s manufacturing sector gained strong momentum in the month of September, with faster increases in new orders and output supporting job creation and inventory accumulation. According to the survey report, the seasonally adjusted HSBC India Manufacturing Purchasing Managers’ Index (PMI) jumped from 52.8 in August to 55.1 in September. 

The survey report stated that new export orders expanded at a quicker pace, amid greater demand from clients in Brazil, Europe, the UAE and the US. Jobs growth resumed in September, with the pace of expansion in employment remaining solid and the most pronounced since May, following a blip in the previous month.

Purchase stocks expanded further at the end of the second fiscal quarter, with the pace of accumulation accelerating to a seven-month high and staying well above the long-run average. Supporting the latest increase in pre-production inventories was another improvement in vendor performance. Average lead times on inputs shortened only slightly, however, and to the least extent in three months.

On the price front, there were quicker increases in both input costs and selling prices, but rates of inflation remained mild by historical standards. Further, Indian manufacturers upgraded their output forecasts in September, with the overall level of positive sentiment rising to a four-month high. Optimism was underpinned by new enquiries in the pipeline and expectations that demand conditions will remain favourable.

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