Manufacturing Weakens While Services Hold Firm
November Slowdown in Perspective
This infographic charts India’s Composite PMI movement over the last 12 months, highlighting its drop to a six-month low in November 2025. While services remained relatively stable, manufacturing saw a noticeable decline due to weak new orders and export contractions.
The visual also illustrates the gap between domestic and export demand, showing how international pressures — including tariffs and global competition — have weighed down Indian manufacturers.
A steady rise in input costs has further contributed to the slowdown.
Government measures worth $5 billion in credit support have been added to the infographic to highlight policy intervention zones. The trend gives a clear picture of India’s shifting business sentiment and potential recovery path.
