India's business activity growth hits a speed bump

Business Nov 21, 2025

India's business activity expanded at its slowest pace in six months, with the latest HSBC PMI easing to 59.9 in November.
The big reason? Manufacturing took a hit, falling to a nine-month low, while services managed only slight growth despite global demand cooling off.

What's behind the slowdown?

The economy's been losing steam for three straight months now—PMI has dropped from August's high of 63.2.
HSBC economist Pranjul Bhandari notes that while export orders are steady, overall new orders are softening, hinting that earlier GST-driven gains may have peaked.
The Reserve Bank expects GDP growth to slow to 6.4% this quarter.
We'll get a clearer picture when official GDP numbers drop on November 28, especially with cost and price pressures easing lately.