India’s private sector activity in March slowed to its lowest level since October 2022 as weaker domestic demand for goods and services offset the highest rise in international orders, according to the HSBC flash Purchasing Managers’ Index compiled by S&P Global.
HSBC’s flash India Composite PMI, which measures the monthly change in the combined manufacturing and services output, slowed to 56.5 in March from 58.9 in February and was below the Reuters poll median of 59.0.
A PMI reading above 50.0 indicates growth, while a reading below that level points to a contraction.
Companies surveyed have indicated that the Middle East war, unstable market conditions, and inflationary pressures have “dampened growth,” while cost inflation is near a four-year high, according to S&P Global.
India’s factory activity slowed to 53.8 from 56.9 in February and was below the poll expectation of 56.8. The services sector in the world’s fastest‑growing economy was at 57.2, below the analyst forecast of 58.3.
