India's HSBC Manufacturing PMI eased to 52.9 in August 2026 from 53.5 in July, marking the weakest improvement in factory conditions since August 2021. Output and new orders continued to expand, although both recorded their slowest growth in five years amid challenging market conditions, competitive pressures and softer customer demand. Export orders also increased solidly, but growth eased from July. Purchasing activity rose, broadly reflecting stronger new order volumes, but input buying expanded at its slowest pace in more than five years, leading to softer inventory accumulation. Employment in the manufacturing sector fell for the first time in two-and-a-half years. On prices, input cost inflation softened to a seven-month low, while output price inflation accelerated to its strongest pace since April as firms increased efforts to pass higher costs on to customers. Business confidence improved from July on hopes of better market conditions. source: S&P Global

Manufacturing PMI in India decreased to 52.90 points in August from 53.50 points in July of 2026. Manufacturing PMI in India averaged 53.43 points from 2012 until 2026, reaching an all time high of 59.30 points in August of 2025 and a record low of 27.40 points in April of 2020. This page provides the latest reported value for - India Manufacturing PMI - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Manufacturing PMI in India decreased to 52.90 points in August from 53.50 points in July of 2026. Manufacturing PMI in India is expected to be 53.20 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the India Manufacturing PMI is projected to trend around 54.00 points in 2027, according to our econometric models.



Related Last Previous Unit Reference
Business Confidence 111.10 118.80 points Sep 2026
Capacity Utilization 77.40 75.60 percent Jun 2026
Car Production 3370958.00 3015528.00 Units Jul 2026
Car Sales 457810.00 388144.00 Units Jul 2026
Changes in Inventories 1095.44 1103.92 INR Billion Mar 2026
Composite Leading Indicator 101.25 101.20 points Jun 2026
Corruption Index 39.00 38.00 Points Dec 2025
Corruption Rank 91.00 96.00 Dec 2025
Deposit Growth YoY 14.70 15.40 percent Aug 2026
Electricity Production 144025.62 142125.62 Gigawatt-hour Jul 2026
Industrial Production YoY 6.70 8.80 percent Jul 2026
Industrial Production Mom 0.50 3.60 percent Jun 2026
Manufacturing Production YoY 7.30 9.50 percent Jul 2026
Mining Production 1.00 -1.40 percent Jun 2026
Steel Production 14400.00 14100.00 Thousand Tonnes Jul 2026
Passenger Vehicle Sales 395199.00 326068.00 Units Jul 2026


India Manufacturing PMI
The HSBC India Manufacturing Purchasing Managers’ Index measures the performance of the manufacturing sector and is derived from a survey of 500 manufacturing companies. The Manufacturing Purchasing Managers Index is based on five individual indexes with the following weights: New Orders (30 percent), Output (25 percent), Employment (20 percent), Suppliers’ Delivery Times (15 percent) and Stock of Items Purchased (10 percent), with the Delivery Times index inverted so that it moves in a comparable direction. A reading above 50 indicates an expansion of the manufacturing sector compared to the previous month; below 50 represents a contraction; while 50 indicates no change. This is only a limited sample of PMI headline data displayed on the Customer’s service, under licence from S&P Global. Full historic PMI headline data and all other PMI sub-index data and histories are available on subscription from S&P Global. Contact economics@spglobal.com for more details.

News Stream
India Manufacturing Expands Least in 5 Years
India's HSBC Manufacturing PMI eased to 52.9 in August 2026 from 53.5 in July, marking the weakest improvement in factory conditions since August 2021. Output and new orders continued to expand, although both recorded their slowest growth in five years amid challenging market conditions, competitive pressures and softer customer demand. Export orders also increased solidly, but growth eased from July. Purchasing activity rose, broadly reflecting stronger new order volumes, but input buying expanded at its slowest pace in more than five years, leading to softer inventory accumulation. Employment in the manufacturing sector fell for the first time in two-and-a-half years. On prices, input cost inflation softened to a seven-month low, while output price inflation accelerated to its strongest pace since April as firms increased efforts to pass higher costs on to customers. Business confidence improved from July on hopes of better market conditions.
2026-08-21
India Manufacturing Expands Least in Nearly 5 Years
India's HSBC Manufacturing PMI eased to 53.5 in July 2026 from 54.2 in June, revised down from the preliminary estimate of 53.9, and marking the weakest growth since August 2021. Output and new orders continued to expand, although total sales grew at one of the slowest rates in over four years amid challenging market conditions and softer client demand. Export orders, however, accelerated, supported by stronger demand from Canada, Egypt, Indonesia, Kenya, Nepal, South Africa, Thailand and the UAE. Softer domestic demand also slowed growth in purchasing activity and employment, while input buying rose at the weakest pace in 31 months. Supply-chain conditions improved markedly, with delivery times shortening at a near-record pace. On prices, input cost inflation eased to a five-month low, while output price inflation remained moderate. Business confidence recovered on expectations of stronger demand and infrastructure spending.
2026-08-03
India Manufacturing Growth Slows in June
India's HSBC Flash Manufacturing PMI fell to 53.9 in July 2026 from 54.2 in June, signaling a slower, below-trend improvement in factory conditions, preliminary estimates showed. This also marked the softest expansion since March 2025. Still, growth in output and new orders recovered some of the momentum lost in previous months. Export growth also picked up, with the seasonally adjusted index rising by nearly four points. Manufacturers stepped up purchasing activity, while a further improvement in supplier performance supported a faster increase in input inventories. Stocks of finished goods also returned to growth after declining in June. Employment continued to rise, and unfinished work increased further during the month. On the price front, both input cost inflation and output price inflation accelerated. Meanwhile, manufacturers grew more optimistic about the year ahead, with business confidence strengthening from June.
2026-07-24