India leads in PMI among top 10 economies despite West Asia crisis: Assocham
New Delhi, June 12
India's Purchasing Managers' Index has shown strong resilience despite the winds of war in West Asia and rising energy input prices, according to an Assocham report on Friday.
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, according to Assocham Global Research.
"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.
The Purchasing Managers' Index (PMI) is the most direct measure of the country's economic health. It ranges from 0 to 100, with values above 50 indicating expansion and those below 50 indicating contraction.
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 per cent in April 2026 and growth projections also remain intact.
The World Bank has projected India's growth at 6.6 per cent for the year 2026-27, though global growth is projected to decelerate to 2.5 per cent in 2026.
— IANS
Reader Comments
A PMI of 59.3 is impressive, but the real test is how this translates to the common person. Are salaries rising? Is inflation under control? These macro numbers are good for headlines, but we need micro-level improvements too. Still, nice to see India standing tall amid the West Asia crisis.
The Assocham report confirms what many in business circles have been feeling—India is a bright spot in a gloomy global economy. While US and Europe are slowing down, our domestic demand is keeping us buoyant. The 13.59% export growth in April is also a big positive. Let's hope this momentum continues!
Interesting to see India outperforming even China on PMI. The structural strength argument makes sense—rising incomes and aspirational middle class are powerful drivers. However, the West Asia crisis is still evolving; energy prices could pose a risk. Let's hope the government stays vigilant.
Very encouraging numbers! The fact that our PMI actually rose from 58.9 to 59.3 during the West Asia conflict speaks volumes about our economic resilience. But we must also remember that PMI is just one indicator—the real test will be sustained growth and employment generation. Still, a pat on the back for our policymakers and businesses! 👏
All these numbers are great, but I want to know why my cost of living keeps going up. PMI doesn't put food on the table. The government should focus on controlling inflation and creating more employment opportunities rather than just celebrating PMI. Just saying... 🤔
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