New Delhi: India’s Purchasing Managers’ Index (PMI) has shown strong resilience despite the winds of war in West Asia and rising energy input prices, according to an Assocham report on Friday.
India’s PMI Stands at 59.3, Highest Among Major Economies
The PMI for India in May stands at 59.3, significantly higher than all major top 10 economies, with China at 54, the US at 51.5, Japan at 51.1 and Italy at 50.4.
From January to May 2026, India’s PMI maintained steady expansion despite global economic turbulence, according to Assocham Global Research.
Domestic Demand and Rising Incomes Drive Growth
“India’s consistency in these fundamentals is largely driven by the structural strength of domestic demand, rising income levels, an aspirational middle class and a conducive business environment,” said Nirmal K. Minda, President, Assocham.
India’s PMI performance since the West Asia conflict began in February 2026 has shown a steady trajectory. The PMI rose to 59.3 in May 2026, compared with 58.9 in February 2026.
PMI Remains Key Indicator of Economic Health
The Purchasing Managers’ Index (PMI) is a direct measure of economic health, ranging from 0 to 100, with values above 50 indicating expansion and below 50 indicating contraction.
No other country in the top 10 economies has recorded positive growth in PMI; instead, most have decelerated between February and May 2026, including Germany, France, Japan and the UK.
Global Economies See Slowdown, India Remains Stable
Even the US and China recorded a fall of 0.4 in their respective PMIs during the same period. France registered the highest decline, from 49.9 in February to 44.9 in May 2026.
India’s economic performance during the West Asia conflict period remained strong, with exports growing 13.59 per cent in April 2026 and growth projections staying intact.
The World Bank has projected India’s growth at 6.6 per cent for 2026-27, while global growth is expected to slow to 2.5 per cent in 2026.