India private sector growth cools in May as PMI slips
Business
India's private sector cooled off a bit in May 2026, with the HSBC Composite PMI slipping to 58.1 from April's 58.2, still above the "expansion" line, but showing things are slowing down.
The main drag came from manufacturing, which dropped to 54.3, while services held steady and even nudged up slightly to 58.9.
Middle East conflict raises cost concerns
Why the slowdown? Ongoing conflict in the Middle East has disrupted key shipping routes like the Strait of Hormuz, raising concerns about crude and freight costs.
Since last August's high of 63.2, India's overall PMI has been steadily dropping as global uncertainty weighs on manufacturing and rising costs make life tougher for service businesses too.