HSBC India’s Manufacturing PMI rose to 59.2 in October from 57.7 in September, reinforcing India’s continued industrial expansion momentum and validating resilience despite global macro drag. The report flagged sharp growth in factory output, production scheduling efficiency, and digital payment routing in supply settlement cycles. Economists said India is benefitting from stable domestic demand, favorable working capital discipline, and diversified vendor base sourcing. With PMI now deeply in expansion zone, analysts believe capacity utilization and capital expenditure models may trend higher into Q1 of 2026. Policy desks will also watch credit access cycles, FX spillover risks and energy price pathways.