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The index climbed to 51.3 in November from 49.6 in October. The composite index is designed to reflect operating conditions in the manufacturing sector. A PMI reading above 50 forecasts growth while a reading below 50 predicts contraction.

"Manufacturing operating conditions across India improved in November with a return to growth in new work. Leading companies raised their production levels for the first time since April. Purchasing activity also rose in the latest month and job creation was sustained,” the survey said.

It also found that new order gains, although modest, were mainly from the domestic market. "Manufacturing activity picked up led by a rise in new domestic orders, which helped pull up output growth. Encouragingly, input and output price inflation eased, which, if sustained, could imply that the RBI is getting closer to the end of its tightening cycle, although it may still need to notch rates up a bit further," HSBC Chief Economist (India and ASEAN), Leif Eskesen, said.

The economy grew by 4.8 per cent in the second quarter of this fiscal mainly due to improved performance in farming, manufacturing, construction and services. HSBC noted that after contracting in each of the past three months, purchasing activity rose in November. However, the overall rate of expansion was modest and weaker than the series average. By sector, the strongest increase was recorded for consumer goods, followed closely by intermediate goods.

The survey said manufacturing employment increased for the second month running in November. The overall rise in staffing levels mainly reflected growth in the consumer goods sector. There was evidence of capacity constraints of Indian manufacturers in November as work backlog rose for the sixteenth consecutive month and at the fastest rate since July.