India’s manufacturing sector maintained its growth in November, as the Manufacturing Purchasing Managers’ Index (PMI) stood at 56.6, a decrease from October’s 59.2, based on data gathered by S&P Global.

The overall expansion continued to be robust, with the index remaining significantly above the neutral level. A value exceeding 50 signifies economic growth, whereas a value below 50 indicates a decline in the manufacturing or construction industries. A reading of precisely 50 indicates no variation.

Overall new orders and production continued to rise at above-average rates, though at their slowest rate in nine months. The growth of export orders also weakened, increasing at the slowest pace in more than a year.

Pranjul Bhandari, HSBC's chief economist for India, remarked, "India's final November PMI affirmed that US tariffs led to a slowdown in manufacturing growth."

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The latest export orders PMI dropped to a 13-month low. Business confidence, as shown by future output expectations, experienced a significant drop in November, likely reflecting growing worries about the effects of tariffs. The enhancement from reductions in the goods and services tax (GST) might be diminishing and may not be enough to counteract the tariff challenges to demand.

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The HSBC Flash India Composite Output Index, reflecting the overall performance of India's manufacturing and services sectors, declined to 59.9 in November from 60.4 in October, indicating a six-month low, based on S&P Global data. This adjusted index, which monitors monthly variations in the combined production of the two sectors, showed a reduced pace of growth.

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In November, India’s manufacturing experienced a slowdown last year, with the Purchasing Managers’ Index (PMI) dropping to a shared 11-month low of 56.5, according to the HSBC final India Manufacturing PMI from S&P Global. It decreased from 57.5 in October, yet aligned with the numbers from January and September.