India’s HSBC Manufacturing PMI fell to 54.7 in October 2026 from 55.1 in September, after the preliminary reading was revised down to 54.9. The index remained comfortably above the 50.0 threshold and its long-run average, signaling continued expansion. New orders rose sharply, though slightly more slowly than in September, when growth reached a seven-month high. Output also increased at a solid pace, led by intermediate goods producers. New export orders grew at their fastest rate in six months as demand strengthened across a broad range of overseas markets. Manufacturers continued hiring and building inventories, with finished-goods stocks rising at a record pace and input inventories reaching an eight-month high. Employment growth was modest, however, while business confidence weakened and remained below its long-run average. Input-cost inflation eased to its lowest level since February, and selling-price inflation slowed to its weakest pace in nearly four years.