India’s manufacturing sector lost some steam in March, with the HSBC India Manufacturing Purchasing Managers’ Index (PMI) easing to 53.9 from a previous reading of 56.9. Both the earlier and current readings are reported for March 2026, indicating a notable softening in expansion within the same reference period.
While the index remains above the 50-point threshold that separates expansion from contraction, the decline suggests a slower pace of growth in factory activity. The moderation in the PMI may reflect cooling demand or a recalibration in production after a stronger phase earlier in the month.
The updated data, released on 2 April 2026, will be closely watched by investors and policymakers for signals on the durability of India’s manufacturing recovery and its potential implications for broader economic growth in the months ahead.