GST reforms | Neurofiscal

Workers assemble machinery on a factory floor in India as manufacturing output reaches a five-year high in October.

India’s Manufacturing Activity Hits 5-Year High in October on Strong Domestic Demand

Indian manufacturing output surged in October 2025, driven by robust domestic demand and steady job creation, according to the HSBC India Manufacturing PMI. India’s manufacturing sector accelerated sharply in October, hitting a five-year high as robust domestic demand more than offset weaker export growth. The HSBC India Manufacturing Purchasing Managers’ Index (PMI) , compiled by S&P Global, rose to 59.2 from 57.7 in September, surpassing the preliminary estimate of 58.4. A

Arthur George

Nov 3, 20252 min read