India Leads Global Manufacturing Revival: A Festive Boost with Global Ripples
India’s manufacturing momentum continues to drive Asia’s recovery, showing resilience amid global uncertainty and shifting trade dynamics.
India once again took pole position in the global manufacturing race this October. According to S&P Global, Asia’s manufacturing PMI (excluding China and Japan) climbed to a 14-month high, signalling renewed optimism across the region.
India stood out — the HSBC Manufacturing PMI rose to 59.2, up from 57.7 in September, powered by festive-season demand and GST rate rationalisation. This marks the fifth time in seven months that India’s index has stayed above 58 — a clear sign of steady domestic momentum.
“Future business sentiment is strong due to positive expectations around GST reform and healthy demand,” noted Pranjul Bhandari, Chief India Economist, HSBC.
Across Asia, Thailand (56.6) and Vietnam (54.5) followed India’s lead, driven by a recovery in new export orders and easing tariff concerns. The ASEAN PMI climbed to 52.7, its best in over three years.
Yet, the story wasn’t universal. China (50.6) and South Korea saw slower growth, while Japan struggled with weak export demand. The US (52.5) stayed in expansion mode, but the Eurozone (50.0) remained stagnant.
Despite India’s domestic strength, export growth softened slightly in October. Still, sentiment across ASEAN remains upbeat as supply chains diversify and price pressures ease.
📊 What this means for India’s markets:
Strong manufacturing data can benefit companies in:
Capital goods – L&T,