India’s Manufacturing Momentum Eases Slightly as HSBC PMI Slips to 54.7 in October | Economic Update

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India’s manufacturing sector saw a mild loss of momentum in October, with the HSBC India Manufacturing Purchasing Managers’ Index (PMI) edging down to 54.7 from 55.1 previously. Both the prior and current readings relate to October 2026, with the latest data update released on 2 November 2026.

Despite the marginal decline, the indicator remains well above the 50-point threshold that separates expansion from contraction, signaling that manufacturing activity in India continues to grow, albeit at a slightly slower pace than in the earlier reading. The dip from 55.1 to 54.7 points to a modest cooling rather than a reversal in the sector’s overall expansion trend.

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