FX.co ★ India’s Manufacturing Momentum Eases as HSBC PMI Slips to 52.9 in August

India’s manufacturing sector showed a modest loss of momentum in August 2026, with the HSBC India Manufacturing Purchasing Managers’ Index (PMI) edging down to 52.9 from 53.5 in July 2026.

The latest reading, updated on 21 August 2026, indicates that the sector continues to expand, but at a slower pace than in the previous month. A PMI value above 50 signals growth in manufacturing activity, while a reading below 50 points to contraction.

The slight decline suggests that while underlying demand remains supportive of output, the pace of improvement has moderated compared with July, potentially pointing to a more cautious operating environment for Indian manufacturers heading into the latter part of 2026.