India’s manufacturing sector saw a slowdown in February as the HSBC India Manufacturing PMI fell to 56.3 from 57.7 in January, marking a 14-month low in sales and output growth. While business conditions remained strong across all key sub-sectors—consumer, intermediate, and investment goods—overall expansion weakened due to cooling domestic demand. Despite this, manufacturing activity continued to rise for the 44th consecutive month, supported by sustained improvements in demand, technological investments, and new project commissions.
Strong export orders helped cushion the decline, with global demand remaining robust, leading to increased workforce expansion. However, economists caution that India’s manufacturing momentum may face further challenges, especially as GDP growth slowed to 6.2% in the last quarter. The sector’s long-term outlook remains positive, but sustained policy support and stronger domestic demand will be crucial to maintaining growth.
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