The HSBC India Manufacturing PMI rose to 58.4 in June 2025, up from 57.6 in May and above market expectations of 57.7, according to preliminary estimates. This marked the strongest reading since April 2024, driven by a solid rise in new business and a notable pickup in growth for new export orders.
The combination of resilient global demand and increasing backlogs of work encouraged manufacturers to expand their workforce, with employment growth reaching its highest level in the current series. On the price front, input costs rose at a slower pace, however, output charge inflation remained steady compared to May, keeping it among the fastest rates recorded since November 2013. Looking ahead, there was a modest improvement in business confidence, with manufacturers showing slightly greater optimism about future output amid expectations of sustained demand growth.
