FX.co ★ India’s HSBC Composite PMI Eases in March, Signalling Slower but Still Solid Growth

India’s combined manufacturing and services activity expanded at a slower pace in March 2026, as the HSBC Manufacturing & Services PMI edged down to 56.50 from February’s 58.90, on a month-over-month comparison basis.

Despite the decline, the March reading remains comfortably above the 50-point threshold that separates expansion from contraction, indicating that the Indian private sector continues to grow, though with less momentum than in the previous month. The latest data, updated on 24 March 2026, suggest a moderation in the strong expansion recorded in February 2026, when the PMI stood at 58.90 compared with January.

The month-over-month cooling may reflect a natural consolidation after earlier robust gains rather than a sharp downturn in activity. Investors and policymakers will be watching upcoming releases to gauge whether March marks the start of a sustained easing trend or a temporary pause in India’s recent growth acceleration.