New Delhi, March 24 -- India's private sector activity in March slowed to its weakest pace since October 2022, as ongoing tensions in the Middle East, rising inflationary pressures and unstable market conditions weighed on growth, according to the latest PMI data released by HSBC.

The HSBC Flash India PMI Composite Output Index, which measures the combined output of manufacturing and services, declined from 58.9 in February to 56.5 in March, marking the slowest pace of expansion in nearly three-and-a-half years.

HSBC stated "March data highlighted the weakest expansion in Indian private sector output since October 2022.... The HSBC Flash India PMI(R) Composite* Output Index - a seasonally adjusted index that measures the monthon-month c...