New order! Factory activity touches 16-month high in July
HSBC Purchasing Managers' Index
(PMI), compiled by S&P Global, was 58.4 in June 2025 and 58.1 in July 2024.
"The Indian manufacturing sector benefited from strong growth in new orders and output," said Pranjul Bhandari, India chief economist at HSBC.
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The survey respondents attributed the increase in new orders to favourable demand conditions and effective marketing initiatives.
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Sales rose at the fastest pace in around five years, propelling production growth to a 15-month high-well above the series average.
"Granular data showed that this acceleration (in production growth) was confined to the intermediate goods segment as rates of increase slowed elsewhere," the survey said.
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While international orders rose and contributed to the overall increase in total sales, the growth in new export orders was slightly weaker than in June.
Despite this, expansion was among the strongest recorded in over 14 years, according to the survey.
Yet, business sentiment showed signs of strain. "Business confidence fell to its lowest level in three years due to concerns over competition and inflation," said Bhandari.
Manufacturers remained optimistic about output growth over the coming 12 months, but the intensity of the optimism was the lowest in three years.
"Amid softening business confidence, Indian manufacturers hired extra staff at the slowest rate since November 2024," said Bhandari.
While firms continued to recruit people at the start of the second quarter of this fiscal year, the rate of hiring was the softest in eight months. "The vast majority of panellists (93%) indicated that employment numbers were sufficient for current requirements," the survey said.
On pricing front, inflationary pressures edged up in July. Rising prices of raw materials such as aluminium, leather, rubber and steel pushed input costs.
"Input and output prices in India's manufacturing sector both remained elevated during July," noted Bhandari.
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