FX.co ★ India’s Factory Growth Eases Slightly in July as HSBC Manufacturing PMI Dips to 53.9

India’s manufacturing sector expanded at a slightly slower pace in July 2026, with the HSBC India Manufacturing Purchasing Managers’ Index (PMI) edging down to 53.9 from 54.2 in June 2026.

The latest reading, updated on 24 July 2026, indicates that factory activity continued to grow but at a modestly reduced rate compared with the previous month. A PMI figure above 50 signals expansion in the manufacturing sector, while a reading below that level points to contraction.

The marginal decline from June’s 54.2 suggests that, while momentum has cooled somewhat, India’s manufacturing industry remains in an overall growth phase heading into the second half of 2026.