FX.co ★ India’s Manufacturing Momentum Eases Slightly as HSBC PMI Slips to 54.9 in October

India’s manufacturing sector expanded at a slightly softer pace in October, with the HSBC India Manufacturing PMI edging down to 54.9 from 55.1 in September 2026. Despite the marginal decline, the index remains comfortably above the 50-point threshold that separates expansion from contraction, signaling continued growth in factory activity.

The latest reading, updated on 23 October 2026, suggests that while the sector’s momentum has moderated, underlying conditions remain broadly supportive of output and new orders. The near-steady PMI level between September and October points to resilience in India’s manufacturing performance, even as the pace of improvement shows signs of cooling. Investors and policymakers are likely to watch upcoming data closely for any clearer signs of a turning point in the sector’s growth trajectory.