Thailand edges ahead as India’s factory activity cools sharply; global manufacturing shows mixed but improving signals
The sector remains resilient even as manufacturing softens and broader growth indicators point to a slower second half
Despite the moderation, the index remains firmly in expansion territory and above its long-run average
Flash PMI drops below 60 for the first time since June as global uncertainties weigh on growth
Manufacturing expands faster for the first time in nine months
Asia PMI hits 14-month high; India continues to drive global factory output
HSBC PMI rises to 59.2, up from 57.7 in September and the fifth month it has stayed above 58 this year
The HSBC India Services Purchasing Managers’ Index (PMI) fell to 60.9 from a 15-year high of 62.9, clocked in August. Experts believe that services - particularly IT, financial, and digital segments - will play a key role in helping India realise its vision of becoming a developed economy by 2047.
September is the first month since June that the PMI slipped below the 58 mark. Job creation was at its lowest level in four months
The Flash HSBC India Composite PMI Output Index came in at 61.9, the fourth straight month it has stayed above the 60 mark
Robust demand and pricing power point to a heating economy and core inflation pressures, even as policymakers approve additional stimulus through GST rate cuts
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
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
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.
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
India’s manufacturing PMI rose to a 16-month high of 59.1 in July, up from 58.4 in the previous month
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
July marks second consecutive month with PMI above 58, signalling robust industrial momentum despite global headwinds
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.
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).
June also marks the first time this year that services activity crossed 60
Consumption shows a slip in June after strong showing in two months, manufacturing picks up on back of strong export orders
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
The PMI has now recorded an above 59 reading for three months running, higher than 58.7 in the previous quarter
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