Overview
- India’s HSBC Services PMI fell to 57.5 in March after Monday’s survey release, a 14‑month low though still above the 50 line that signals growth.
- S&P Global said the Middle East war curbed domestic demand and tourism, which left new business growing at its slowest since January 2025.
- Input costs rose at the fastest pace in about 45 months on higher fuel, transport and food prices, and firms could pass on only part of the hit to clients.
- Foreign orders were a bright spot, with export demand reaching the second‑highest reading since the index began in 2014.
- Slower services and weak factories pulled the Composite PMI down to 57.0, the softest in nearly three‑and‑a‑half years, a mix that keeps inflation and policy risks elevated.