India: Manufacturing Growth Picks Up in April.

The HSBC India Manufacturing PMI rose to 55.9 in April 2026 from 53.9 in March, signalling a stronger improvement in factory conditions, flash data showed. Output and new orders expanded at faster rates, supported by improved demand, capacity expansion, and technology investment. New export orders grew at their fastest pace in nine months, though external demand rose more moderately overall. Employment also increased at a 10-month high as firms expanded staffing in response to stronger order inflows. Input purchasing accelerated, while firms continued to build inventories, with finished goods stocks rising for the first time in six months at the fastest pace since 2015. Cost pressures remained elevated, driven by higher fuel, gas, oil, and raw material prices, although input cost inflation eased from March’s peak. Firms continued to raise output prices at a more measured pace, reflecting partial pass-through of higher costs amid competitive pressures.