India's Manufacturing Sector Picks Up in October, Boosting Economic Outlook

India’s manufacturing activity saw a rise in October, with the HSBC India Manufacturing Purchasing Managers' Index (PMI) climbing to 57.5 from 56.5 in September, according to a private survey released on November 1. This uptick in the PMI, which has stayed above the 55-mark for ten straight months, indicates continued growth momentum in the sector. A PMI reading above 50 signifies expansion in manufacturing activity.

This growth in manufacturing offers positive signs for the economy, which had slowed slightly over the last three months. In addition, core industry data released on October 30 showed the index of eight key industries—accounting for 40% of India’s industrial production—grew by 2% in October, a turnaround from a 1.6% contraction the month prior.

On the trade front, India’s exports have shown slight improvement as well, with a 1% rise in merchandise exports over the first half of the fiscal year compared to the same period last year.

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