India's manufacturing growth cools off a bit in November

Business Dec 01, 2025

India's manufacturing sector hit the brakes a little in November 2024, with the HSBC Manufacturing PMI dropping to 56.6 from October's 59.2—a nine-month low.
But don't worry, it's still well above average, so factories are still growing, just not as fast as before.

Still strong after a big summer boost

This slowdown comes right after a solid July-September run, when manufacturing grew by 9.1% and helped push India's GDP up by 8.2%—the best in a year and a half.
Economists say things are still looking good for the rest of the year and expect steady growth around 7% by FY26.