The HSBC India Composite PMI was revised up to 57.0 in March 2026 from a flash estimate of 56.5, but eased from 59.9 in the previous month, marking the weakest reading since November 2022. Growth remained driven by services, while manufacturing expanded at a softer pace, with both sectors showing moderation. Total new orders rose at the slowest rate since November 2023, signaling some cooling in domestic demand, even as export orders increased at the fastest pace in seven months. Cost pressures intensified to their highest level in nearly four years. However, pricing trends diverged: service providers raised selling prices more aggressively, while manufacturers recorded the weakest increase in output charges in two years. At the composite level, overall inflation remained broadly stable compared to February.

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