Mumbai - India’s manufacturing growth softened to a nine-month low in November as US tariffs hurt demand, according to a private survey released on Monday.
The HSBC India Manufacturing Purchasing Managers’ Index (PMI), compiled by S&P Global, fell to 56.6 in November 2025 from 59.2 in October, marking the slowest expansion since February 2025. A reading above 50 indicates expansion in activity.
“India’s final November PMI confirmed that US tariffs caused the manufacturing expansion to slow. The new export orders PMI fell to a 13-month low,” said . . .
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