March private sector growth hits 3.5-yr low

IN THE FIRST sign of the hit from the war in West Asia, India’s private sector growth in March was the weakest in almost three-and-as-half years, with the HSBC flash composite Purchasing Managers’ Index (PMI) falling to 56.5 from 58.9 in February on the back of a weak increase in domestic demand, although international orders rose by a record margin.

- SIDDHARTH UPASANI

Manufacturing companies showed the greatest impact, with factory output in March rising at the weakest pace since August 2021. Sales, meanwhile, rose at the slowest pace since November 2022.