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2026-04-06 13:36:43
[India's service sector growth hits 14-month low in March as Middle East conflict dampens domestic demand] (1) A survey released Monday showed that India's service sector growth hit a 14-month low in March as the Middle East conflict dampened domestic demand; however, new overseas orders were near record highs, while input cost pressures rose to their most severe level since mid-2022. (2) The final reading of the HSBC India Services Purchasing Managers' Index (PMI) compiled by S&P Global fell to 57.5 in March from 58.1 in February, up from the preliminary reading of 57.2. New business growth, a core indicator of demand, slowed to its lowest level since January 2025, mainly due to increased competition, a poor market environment, and weakening domestic demand. (3) Respondents said the Middle East conflict impacted demand, the market environment, and the tourism industry, constraining business activity growth. New overseas orders rose to the second highest level since the index was included in the survey in September 2014, second only to June 2024; input costs saw their largest increase in 45 months.
