India's manufacturing sector hits a speed bump over US tariffs
India's manufacturing scene is losing steam, in part due to new US trade tariffs and other factors such as increased competition and tighter government spending.
The key PMI number dropped from 59.2 in October to 56.6 in November—its slowest pace since February—as fewer new orders and weaker exports dragged down business confidence.
Global competition and some hope on the horizon
Manufacturers are also feeling the pinch from tough international competition and tighter government spending, especially with high tariffs sticking around since August.
But there's a silver lining: India may sign part of a trade deal with the US by late 2025, which could ease things up for manufacturers.
Plus, everyone's watching the RBI's December meeting for any big moves on interest rates as costs and prices shift.