FX.co ★ India Manufacturing PMI Revised Lower

The HSBC India Manufacturing PMI saw a minor increase to 58.2 in April 2025 from 58.1 in March, though it fell just short of the flash estimate of 58.4. This marks the most significant sector improvement in the past ten months. The output experienced its most accelerated growth since June 2024, spurred by strong domestic and international demand. International orders, in particular, posted their second-largest increase since March 2011, thereby boosting sales and bolstering substantial job creation. Concurrently, purchasing activity intensified alongside new orders, propelling input inventories to their highest level in eight months, while post-production inventories decreased at their quickest rate in nearly three and a half years. The accumulation of backlogs saw a slight uptick, and vendor delivery times improved marginally. With regards to pricing, output charges climbed at the sharpest rate since October 2013, even as inflation in input costs remained moderate, driven by increased expenses in construction, labor, and raw materials. Finally, business confidence remained robust, supported by strong demand, marketing initiatives, and new client inquiries.