India's private sector slows down: PMI drops to 56.5
India's private sector just had its slowest month since late 2022.
The latest HSBC flash PMI for March dropped to 56.5, down from 58.9 in February and readings near 59 in earlier months, signaling that business activity is cooling off across the country.
Both manufacturing and services lost momentum
Both manufacturing and services took a hit: manufacturing output rose at its slowest pace since August 2021 as domestic demand softened and West Asia tensions weighed on production.
Services also lost momentum, partly because travel got disrupted by ongoing conflicts.
Input costs rising at their fastest pace in nearly 4 years
Even with a record surge in export orders, overall new orders rose at their slowest pace in more than three years, while input costs are rising at their fastest pace in nearly four years.
The conflict involving Israel, the US and Iran is making energy pricier and shipping trickier for Indian businesses.
If these tensions drag on, experts say the rupee could weaken further against the dollar, something to watch if you're following global trends or thinking about studying or working abroad.