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India's PMI has shown strong resilience recently despite war in West Asia

15-Jun-26   11:45 Hrs IST

India’s PMI has shown strong resilience despite the winds of war in West Asia and rising energy input prices, according to an analysis conducted by Associated Chambers of Commerce and Industry of India (ASSOCHAM) Global Research, the research arm of ASSOCHAM. The PMI for India in May stands at 59.3, significantly higher than in all the 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 a steady expansion despite global economic turbulence.

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. No other country in the top 10 economies has recorded positive growth in its PMI; instead, they have decelerated from their February PMI to their May PMI, including Germany, France, Japan and the U.K. Even the largest economy, the USA, and the second-largest economy, China, also recorded a fall of 0.4 in their respective PMIs from February 2026 to May 2026. France recorded the highest fall in the PMI, from 49.9 in February 2026 to 44.9 in May 2026.

India’s growth performance during the West Asia conflict months from February to May remained strong and steady as our exports grew by 13.59% in April 2026 and growth projections also remain intact. Yesterday, the World Bank projected India’s growth at 6.6% for the year 2026-27, though global growth is projected to decelerate to 2.5% in 2026.

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