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Robust demand and pricing power point to a heating economy and core inflation pressures, even as policymakers approve additional stimulus through GST rate cuts
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India’s services PMI rose to 65.6, while manufacturing grew at its fastest pace in 18 years high, pointing to sustained growth despite global headwinds
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India’s momentum was supported by resilient domestic demand and improved pricing power. Elsewhere in Asia, China’s PMI returned to expansion at 50.5, up from 49.5 in July; Malaysia touched a 15-month high, Thailand reached a 13-month high, and Indonesia hit a five-month peak
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The performance of manufacturing sector is in line with the first quarter performance when the sector grew 7.7 percent compared with 7.6 percent in Q1FY25.
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Manufacturing retained strong momentum, with the sector’s PMI estimated to climb to a near 18-year high of 59.8. The services activity rose to a record 65.6
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India’s manufacturing PMI rose to a 16-month high of 59.1 in July, up from 58.4 in the previous month
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Although collections remained above Rs 1.8 lakh crore for a seventh consecutive month, they were lower than the Rs 2.1 lakh crore average achieved in the first quarter of FY26
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July marks second consecutive month with PMI above 58, signalling robust industrial momentum despite global headwinds
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This PMI surge marks a significant acceleration from 58.4 reading in June, and indicates a robust improvement in factory operating conditions, supported by a surge in both domestic and international demand.
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India’s composite PMI rose sharply to a 14-month high of 61.0 in June, from 59.3 in May, driven by strong growth in both manufacturing (58.4) and services (60.7).
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June also marks the first time this year that services activity crossed 60
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Consumption shows a slip in June after strong showing in two months, manufacturing picks up on back of strong export orders
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The quarterly outlook for manufacturing also seems to be better, with the index reading at 58.1 compared with 57.4 in the previous month
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The PMI has now recorded an above 59 reading for three months running, higher than 58.7 in the previous quarter
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The HSBC Business Activity Index declined marginally to 59.3 in May from 59.7 in the previous month, mirroring a wider trend as Australia and Japan also slip
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The performance of services contrasts with the manufacturing sector, which dipped to a three-month low of 57.6 for the month
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May marks the first decline in the HSBC India Manufacturing Purchasing Managers' Index since US President Donald Trump imposed tariffs on April 2.
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Data shows that developed nations across Asia and Europe are in a much tougher fix with the world economy continuing to struggle with high tariffs.
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The Indian economy is likely to come out stronger compared to others, with IMF expecting only a 0.3 percentage points drop in growth to 6.2 percent compared with 6.5 percent projected earlier
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Manufacturing index had increased to a 10-month high in April, rising to 58.2 compared with 58.1 in the previous month
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While factory activity across major economies took a dip, India’s manufacturing performance surged to a 10-month high of 58.2 in April compared with 58.1 in the previous month.
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India’s economy had a better start to the fiscal, as GST collections rose to an all-time high of Rs 2.37 lakh crore compared with Rs 1.96 lakh crore in March and Rs 2.1 lakh crore in April 2024
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New export orders accelerated, likely buoyed by the 90-day pause on Trump tariffs, says HSBC
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Manufacturing sector had a better month, closed the financial year at a eight-month high of 58.1
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GST collections end the year at an 11-month high of Rs 1.96 lakh crore, while UPI transactions come close to Rs 25 lakh crore
