India’s factory activity accelerated in October, with the HSBC Manufacturing Purchasing Managers’ Index (PMI) rising to 59.2 from 57.7 in September, according to data released on November 3. The improvement was driven by festive-season demand and the government’s GST rate rationalisation.

This marks the fifth time in seven months the index has stayed above 58, underscoring sustained strength in the manufacturing sector despite ongoing geopolitical risks. A PMI reading above 50 signals expansion.

The October print indicates that the industrial sector entered Q3 FY26 on firm footing, even as the Reserve Bank of India (RBI) expects overall growth to cool from the robust first half.

India’s economy expanded 7.8 per cent in Q1 — the fastest pace in five quarters — and is projected to grow 7

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