India’s manufacturing activity gained momentum in October as domestic demand strengthened, offsetting a slowdown in export growth, although business optimism slipped from a seven-month high, a business survey showed on Monday (November 3, 2025).

The HSBC India Manufacturing Purchasing Managers’ Index, compiled by S&P Global, rose to 59.2 in October from 57.7 in September, higher than a preliminary estimate of 58.4.

The 50.0 mark separates expansion from contraction on a monthly basis.

Output growth accelerated to match the joint-strongest pace in five years, equal to that seen in August. Manufacturers cited demand strength, efficiency improvements, new clients and technology investments as factors driving higher production.

But international sales growth weakened. New export orders inc

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