The seasonally adjusted HSBC India Manufacturing Purchasing Managers' Index (PMI) ' a single-figure indicator of sector performance ' fell from 56.6 in November to 55.0 in December, signalling the weakest improvement in the health of the sector in two years. The current figure was nevertheless above its long-run average. The end of the 2025 calendar year was characterised by a loss of growth momentum across several measures tracked by the HSBC India Manufacturing PMI' survey. Positive demand trends continued to underpin sharp increases in new business intakes and production, but rates of expansion eased on the back of competitive pressures and subdued sales of specific items. Employment rose at the slowest pace in the current 22-month period of job creation, while the latest upturn in buying levels was the least pronounced in two years.

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