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India’s Manufacturing PMI
Context
India’s Manufacturing Purchasing Managers' Index (PMI), compiled by S&P Global for HSBC, stood at 57.6 in May 2025, indicating continued expansion in the manufacturing sector, driven by strong domestic and export demand, record employment growth, and positive business confidence, despite moderate input cost inflation.
Purchasing Managers’ Index (PMI)
- Purchasing Managers’ Index (PMI) is an economic indicator derived from monthly surveys of private sector companies.
- Published by S&P Global for India.
- A PMI above 50 denotes expansion, while below 50 indicates contraction.
- There are two major PMIs:
- Manufacturing PMI
- Services PMI
Key 2025 Highlights:
- Manufacturing PMI = 57.6 (vs. 58.2 in April) ? sustained expansion.
- Driven by:
- Strong domestic & international demand
- Surge in export orders (Asia, Europe, West Asia, US)
- Record-high job creation since the survey began
- Input Cost Inflation (items like aluminium, cement, rubber, etc.) noted.
- Manufacturers raised output prices to protect margins.
- Business confidence remains high due to:
- Favourable domestic conditions
- Increased customer enquiries
- Effective marketing & advertising
- IIP Growth (April 2025):
- Overall: 7%
- Manufacturing: 4% (16/23 industry groups grew)
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