Business EconomyPosted at: Nov 2 2026 1:57PM


India's manufacturing growth moderates in October, PMI falls to 54.7

New Delhi, Nov 2 (UNI) India’s manufacturing sector witnessed a marginal slowdown in October, with factory activity easing as growth in production and new orders moderated. However, stronger overseas demand provided support to the sector, with export orders recording their fastest expansion in six months.
The HSBC India Manufacturing Purchasing Managers’ Index (PMI), compiled by S&P Global, declined to 54.7 in October from 55.1 in September. Despite the fall, the index remained well above the 50-mark, which separates expansion from contraction, signalling that manufacturing activity continued to grow at a healthy pace.
The survey indicated that domestic manufacturers benefited from improved market demand, fresh customer acquisitions and marketing initiatives. Although new business continued to register strong growth, the pace of expansion was slightly slower than September, when it had touched a seven-month high.
Exports remained a key growth driver during the month. New export orders increased at their fastest rate in six months, supported by stronger demand from markets such as the US, UK, Canada, Bangladesh, Indonesia, Nepal, Oman, Saudi Arabia, Sri Lanka and the UAE.
The increase in domestic and international orders, coupled with new product launches, helped manufacturers sustain higher production levels. However, the pace of output growth weakened compared with September, largely due to a slowdown in the intermediate goods segment, even as it continued to contribute the most to overall production growth.
Meanwhile, India's manufacturing sector witnessed a significant easing in cost pressures. The rate of increase in input costs fell to its lowest level since February, despite manufacturers reporting higher prices for certain raw materials and energy-related inputs. The moderation in input cost inflation was visible across all three broad manufacturing segments covered in the survey.
Selling price inflation also softened during October, offering some relief to buyers. Manufacturers continued to pass on higher costs to customers to protect their margins, but the pace of increase in factory-gate prices was marginal and the weakest in nearly four years.
The moderation in selling prices, alongside easing input cost pressures, suggests that inflationary pressures in the manufacturing sector have become less pronounced, even as production and new orders continue to expand.UNI VK AAB
Tags: #India's manufacturing growth moderates in October# PMI falls to 54.7
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