India's Private Sector Growth Slows to 58.6 in March

India's private sector activity saw a slight slowdown in March 2025, with the HSBC Composite PMI declining to 58.6 from 58.8 in February, while remaining above the long-run average. The manufacturing sector showed improvement, with its PMI rising to 57.6, driven by strong demand and an increase in new orders, although services activity weakened, falling to 57.7 amid competitive pressures and tariff concerns. Input costs surged due to higher spending on various goods, although output price inflation softened. Despite these challenges, businesses continued to hire, though job creation reached a six-month low. The data reflects a resilient economy closing FY24 on a strong note, with robust expansions still evident in the manufacturing sector. Overall, the latest figures indicate that while growth is robust, there are emerging pressures that could affect future performance.