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Manufacturing PMI at 2-year low in Dec

Business Standard

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January 03, 2026

India’s private-sector manufacturing activity grew at its slowest pace in two years during December 2025, dragged down by slower output and new orders, according to data compiled by S&P Global on Friday.

- AUHONA MUKHERJEE

HSBC's India Manufacturing Purchasing Managers’ Index (PMI), compiled by S&P Global, which measures monthly change in manufacturing output, fell to 55 in December from 56.6 in November.

‘The latest figure — a weighted average of new orders, output, employment, suppliers’ delivery times and stocks of purchases indices — was this low for the first time since December 2023, when it was 54.9. The reading was also significantly lower than the Flash PMI reading of 58.4 released last month.

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