India Manufacturing PMI Rises
Analysis based on 19 articles · First reported Feb 20, 2026 · Last updated Mar 02, 2026
The strong domestic demand and accelerated manufacturing activity in India are positive for its economy, suggesting resilience. However, the slowdown in export growth, partly due to global tariff uncertainties, could temper overall economic expansion and impact companies reliant on international trade.
India's manufacturing Purchasing Managers' Index (PMI) rose to a four-month high of 56.9 in February, up from 55.4 in January, according to data released by HSBC and compiled by WSP Global. This surge was primarily fueled by robust domestic demand, leading to increased new orders and production volumes. Despite this positive domestic performance, growth in new export orders slowed to its weakest pace in 17 months. This moderation in export growth is attributed to factors like a slowing trend since mid-2025 and uncertainty from global tariffs, including new announcements by Donald Trump, despite a recent reduction in United States tariffs on Indian goods. The overall outlook for India's manufacturing sector remains positive, with firms expressing optimism for future output volumes.
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