Industry production numbers hit a 14-month low of 56.3 in February, down from 57.7 in January.
The Indian manufacturing sector continued its growth trajectory in February, albeit at a slightly slower pace, according to the HSBC India Manufacturing PMI. Pranjul Bhandari, chief India economist at HSBC, commented that the Indian manufacturing PMI was 56.3 in February, down from 57.7 the previous month, but still firmly within expansionary territory.
The survey revealed that output growth in the sector slowed to the weakest level since December 2023, but overall momentum remained broadly positive. The rates of expansion in output and sales remained elevated in the context of the survey's 20-year history.
New export orders rose strongly in February, as manufacturers continued to capitalize on robust global demand for their goods. This trend was reflected in the HSBC India Manufacturing PMI's projection of 4.5% growth in good exports for the September quarter. Nearly one-third of survey participants foresee greater output volumes in the year ahead.
The survey also noted that favorable domestic and international demand prompted firms to increase purchasing activity and hire extra workers. The rate of job creation in the sector was the second-best in the series' history, behind only that recorded in January. One-in-ten firms in the sector signalled greater recruitment activity in February, while 1 percent of companies shed jobs.
Business expectations in the sector remained very strong in February. For the full 2024-25 fiscal (April 2024 to March 2025), the government now pegs GDP growth at 6.5%. This GDP growth rate for 2024-25 is marginally lower than the initial estimate of 6.4%, but above the revised growth rate of 9.2% for 2023-24.
Despite the dip, manufacturing activities remained in expansionary territory, a testament to the sector's resilience and the ongoing robust global demand. However, specific information about which companies in India showed an increase in workforce in February 2025 or the average workforce growth compared to previous months was not available in the search results.
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