02.02.202605:25:08UTC+00India January Manufacturing PMI Revised Lower

In January 2026, the HSBC India Manufacturing PMI increased to 55.4, up from 55.0 in December, though adjusted downward from the preliminary estimate of 56.8. Despite this revision, the index signifies a strong enhancement in manufacturing conditions at the year's outset. Manufacturing output grew at a swifter rate, driven by strong domestic demand, while new orders saw an upturn primarily from local markets, with a slight boost in exports. Employment experienced a slight uptick, marking the most rapid growth in three months, as companies expanded their workforce to handle the increased workload. Purchases of inputs and inventory levels both rose, indicative of heightened production requirements and strategic stockpiling; however, input costs increased at their briskest rate in four months, though still moderate by historical standards. On the pricing front, output prices saw a measured incline, tempered by competitive market forces and gains in efficiency. However, business confidence dipped to its lowest in three and a half years, with a mere 15% of firms projecting growth in output over the upcoming year.