Manufacturing growth moderates to 54.7 in October as export orders hit six-month high

India’s manufacturing activity experienced a slight moderation in October, with the HSBC India Manufacturing Purchasing Managers’ Index (PMI)—compiled by S&P Global—slipping to 54.7 from 55.1 in September. Despite domestic demand and output growth easing, the sector maintained solid expansion territory comfortably above the neutral 50.0 threshold. The underlying strength was primarily anchored by external trade, as new export orders accelerated at their fastest pace in six months, driven by robust client demand across key markets in Asia, Europe, North America and the Middle East. The HSBC India Manufacturing PMI survey highlighted cooling cost pressures, with input cost inflation easing to a four-month low and selling price adjustments remaining subdued. Supply chain experts note that while cooling domestic momentum warrants close tracking, strong global trade linkages and cooling input inflation provide essential cushions for Indian industrial exporters navigating broader macroeconomic shifts, said a report. 

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