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Mfg PMI surge to be short-lived
Mint Hyderabad
|September 02, 2025
Temporary cheer?
Mid the US tariff-led gloom, robust business momentum in India's manufacturing sector, captured by the Purchasing Managers' Index (PMI), can seem comforting.
The seasonally adjusted HSBC India Manufacturing PMI surged to a 17.5-year high of 59.3 in August from 59.1 in July, driven by rapid production growth. A figure above 50 signals expansion.
But market participants should not get complacent as this cheer is most likely to be short-lived. The adverse impact of the latest 50% tariff levied by the US on Indian goods is expected to be felt from September.
PMI's New Export Orders index eased to a five-month low in August. Labour-intensive sectors such as textiles, gems and jewellery, household items and seafood would feel the heat as demand prospects dim if no bilateral agreement is reached. This may have a domino effect on jobs, wages, private consumption and, thereby, tarnish business confidence.
This story is from the September 02, 2025 edition of Mint Hyderabad.
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