India, Oct. 1 -- Every manufacturer has a number they dread seeing at the start of a month. For some it is the metal rate, for others fuel, or the price of a component that only one supplier makes. The plant has no say in any of them. What it does control is how much of each goes into every unit that leaves the gate.

That distinction matters more right now. The HSBC Flash India PMI for September 2026, compiled by S&P Global, shows cost pressures picking up again among manufacturers, even as they eased across the wider private sector. Firms reporting higher costs pointed to electrical components, fuel and metals, and factory gate prices rose as companies tried to protect their margins. Exporters have less room to do that. Overseas buyers ...