India's private sector growth slows to 10-month low in December
India's private sector just had its slowest growth in almost a year, with HSBC's latest survey showing the Composite PMI dropping to 58.9 in December.
That's the weakest pace in 10 months, but both manufacturing and services are still technically growing—just not as fast as before.
What's behind the slowdown?
Manufacturing and services both lost some momentum this month.
New orders at home took a hit, even though exports got a boost from demand in places like the US and Middle East.
Companies say they don't need more staff right now, so hiring has basically stalled.
Why does it matter?
Business confidence is slipping for the third month straight, especially among service companies—a big deal since that sector drives much of India's economy.
With domestic demand cooling off as we head into 2026, there are signs that India's strong growth run might be facing some bumps ahead.