The HSBC India Manufacturing PMI climbed to 59.2 in July 2025 from 58.4 in the previous month, according to preliminary estimates. The latest figure signaled a robust expansion in manufacturing activity and marked the highest reading in nearly 17-and-a-half years, highlighting the sector's continued momentum. Mirroring the strength in output, new orders also saw a strong increase, although the pace of growth in new export orders eased slightly, indicating some moderation in external demand. Meanwhile, the survey pointed to a sharp rise in purchasing activity, which led to a notable accumulation of input inventories, further supported by ongoing improvements in supplier delivery times. However, stocks of finished goods declined as manufacturers increasingly drew from existing inventories to fulfill strong demand. On the pricing front, charge inflation picked up pace, reflecting stronger pricing power among producers amid firm demand conditions.