India’s Manufacturing Sector Sees Robust Growth in October 2024, Driven by Surge in Domestic and Export Orders

India’s manufacturing sector showed impressive growth in October 2024, buoyed by increasing demand from both domestic and international markets. According to HSBC’s data, the seasonally adjusted Manufacturing Purchasing Managers’ Index (PMI) rose from 56.5 in September to 57.5 in October, signaling strong performance. This boost was primarily driven by a surge in new export orders, particularly from Asia, Europe, Latin America, and the US, with export orders growing at their fastest pace since May 2022. Domestic demand also contributed, with companies reporting a rapid increase in order volumes, supported by successful marketing strategies and new product launches.