The HSBC India Manufacturing PMI rose to 55.4 in January 2026 from 55.0 in December, but was revised lower from the initial estimate of 56.8. The reading still indicates a solid improvement in operating conditions at the start of the year. Factory output expanded at a faster pace, supported by robust domestic demand, while new orders also increased, driven mainly by the domestic market, with a modest rise in exports. Employment rose slightly, the fastest pace in three months, as firms hired to meet higher workloads. Input purchases and inventories expanded, reflecting greater production needs and precautionary buying, while input costs rose at the fastest pace in four months, albeit modestly by historical standards. Output prices increased moderately, constrained by competitive pressures and efficiency gains. Lastly, business confidence fell to a three-and-a-half-year low, with only 15% of firms expecting output growth over the year. source: S&P Global

Manufacturing PMI in India increased to 55.40 points in January from 55 points in December of 2025. Manufacturing PMI in India averaged 53.38 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 increased to 55.40 points in January from 55 points in December of 2025. Manufacturing PMI in India is expected to be 58.00 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 53.00 points in 2027, according to our econometric models.



Related Last Previous Unit Reference
Business Confidence 126.30 126.20 points Dec 2025
Capacity Utilization 74.80 75.80 percent Dec 2025
Car Production 2633506.00 2943456.00 Units Dec 2025
Car Sales 399216.00 412405.00 Units Dec 2025
Changes in Inventories 836.46 808.97 INR Billion Sep 2025
Composite Leading Indicator 102.07 101.80 points Jan 2026
Corruption Index 38.00 39.00 Points Dec 2024
Corruption Rank 96.00 93.00 Dec 2024
Deposit Growth YoY 10.60 12.70 percent Jan 2026
Electricity Production 126407.87 111874.48 Gigawatt-hour Dec 2025
Industrial Production YoY 7.80 6.70 percent Dec 2025
Industrial Production Mom 7.30 5.00 percent Dec 2025
Manufacturing Production YoY 8.10 8.50 percent Dec 2025
Mining Production 6.80 5.80 percent Dec 2025
Steel Production 14800.00 13700.00 Thousand Tonnes Dec 2025
Passenger Vehicle Sales 349170.00 354969.00 Units Dec 2025


India Manufacturing PMI
The S&P Global 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 January Manufacturing PMI Revised Lower
The HSBC India Manufacturing PMI rose to 55.4 in January 2026 from 55.0 in December, but was revised lower from the initial estimate of 56.8. The reading still indicates a solid improvement in operating conditions at the start of the year. Factory output expanded at a faster pace, supported by robust domestic demand, while new orders also increased, driven mainly by the domestic market, with a modest rise in exports. Employment rose slightly, the fastest pace in three months, as firms hired to meet higher workloads. Input purchases and inventories expanded, reflecting greater production needs and precautionary buying, while input costs rose at the fastest pace in four months, albeit modestly by historical standards. Output prices increased moderately, constrained by competitive pressures and efficiency gains. Lastly, business confidence fell to a three-and-a-half-year low, with only 15% of firms expecting output growth over the year.
2026-02-02
India Manufacturing Growth Picks Up in January
The HSBC India Manufacturing PMI rose to 56.8 in January 2026 from 55.0 in December, marking the strongest improvement in operating conditions in three months, according to preliminary estimates. Factory output expanded at a faster pace, supported by stronger domestic and international demand, with new orders rising at the quickest rate in four months. Employment also increased modestly, reflecting renewed hiring to align resources with higher workloads, particularly at junior- and mid-level positions. Input purchases rose sharply, with firms spending more on materials including food, fuel, and steel, while suppliers’ delivery times improved. Input cost inflation accelerated but remained moderate by historical standards, and output price growth kept pace with rising input costs. Overall business confidence rose to a three-month high, supported by efficiency gains, robust demand, marketing initiatives, and favorable exchange rates.
2026-01-23
India December Manufacturing PMI Revised Down
The HSBC India Manufacturing PMI fell to 55.0 in December 2025, revised lower from initial estimates of 55.7, down from 56.6 in November. This marks the weakest improvement in two years, as factory output expanded at the slowest pace since October 2022, alongside softer growth in new orders. Export demand also increased at the weakest rate in 14 months, with new orders mainly coming from Asia, Europe, and the Middle East. Employment rose only marginally, reflecting sufficient staffing amid easing workloads. Input cost inflation remained subdued, rising modestly, while output price inflation eased to a nine-month low. Stocks of purchases increased at the slowest pace in two years, while finished goods inventories fell sharply as firms used existing stock to meet current demand. Business confidence softened to its lowest in nearly three-and-a-half years, as firms cited competitive pressures and market uncertainty despite tailwinds from new products and advertising.
2026-01-02