Manufacturing PMI hits 5-year high, driven by strong domestic demand
India's manufacturing scene had a big moment in October—the HSBC PMI rose to 59.2, with output growth matching the joint-strongest pace in five years.
The main driver? Strong demand at home, even though exports slowed down a bit.
Companies are investing in tech and hiring to keep up
Manufacturers are getting more efficient, picking up new clients, and investing in tech.
Companies have been hiring for 20 months straight to keep up with growth.
Export orders aren't growing as fast as before, but they're still solid.
Input costs are rising more slowly, but manufacturers are worried
Good news—input costs (like raw materials) are rising more slowly now.
But companies are charging more because freight and labor costs keep climbing, keeping the rate of price increases at its highest in nearly 12 years.
Even with some worries about higher costs, most manufacturers feel confident about the future—especially with GST reforms and steady demand on their side.