India’s private sector output growth

India’s private sector output grew in March at its weakest pace since October 2022, reflecting a softer upturn in domestic demand for goods and services despite surging export orders, S&P Global said on Tuesday. The HSBC flash India PMI composite output index, a seasonally adjusted index that measures month-on-month change in the combined output of India's manufacturing and service sectors, fell from a final reading of 58.9 in February to 56.5 in March, highlighting the weakest pace of growth in close to three-and-a-half years, S&P Global said in a statement. The sobering trend at the end of the financial year comes in the wake of the war between Israel and US, and Iran, which has dealt a heavy blow to global energy trade, leading to a spike in oil and gas prices.