The HSBC India Manufacturing PMI rose to 58.4 in October 2025 from 57.7 in September, according to preliminary data. The latest reading signaled a substantial improvement in manufacturing conditions, with companies reporting a slightly faster increase in new orders. International demand for Indian goods also remained favorable during the month, although growth in export orders was the weakest since March due to US tariffs. Regarding prices, manufactures noted softer cost input pressures in October, which they attributed to GST (goods and services tax) relief. Output charge inflation, however, continued to rise. Looking ahead, Indian companies remained strongly optimistic about production over the next year, supported by expectations of gains from GST rate cuts, marketing efforts, new product launches, and tech investment.