NEW DELHI, Nov. 21 -- India's latest manufacturing readings present a more complicated picture than what the headline numbers suggest even as the global trade cycle shows signs of fatigue.

The HSBC India Manufacturing Purchasing Managers' Index (PMI), compiled by S&P Global, continues to signal strength. The index climbed to 59.2 in October from 57.7 in September, broadly matching its solid run through August (59.3), July (59.1), and earlier months. With anything above 50 indicating expansion, the data suggests factory activity is growing at a healthy pace.

However, the survey also points to subtle signs of cooling. Export orders rose at the slowest pace in 10 months, reflecting softer overseas demand, an emerging pressure point for Ind...