India’s manufacturing sector demonstrated renewed growth in October 2024, with the HSBC India Manufacturing Purchasing Managers’ Index (PMI) rising to 57.5, up from September’s eight-month low of 56.5. This upswing, reported by S&P Global, reflects accelerated demand for both domestic and international orders, especially in sectors like electronics, electric vehicles, and renewable energy. Exports, which had slowed in September, rebounded due to strong demand from markets in Asia, Europe, and the United States.
The growth in October was marked by higher input and output prices, with inflationary pressures affecting materials, labor, and logistics. Companies responded to increased demand by ramping up purchases, which suppliers managed efficiently. This also prompted additional hiring across the sector, as firms anticipated continued demand driven by consumer confidence and the festive season.
