New Delhi, April 2 -- India's manufacturing sector expanded at its weakest pace in nearly four years in March 2026, as rising cost pressures, intense competition, heightened uncertainty and the war in West Asia weighed on new orders and output, a private survey showed on Thursday.

The HSBC India Manufacturing Purchasing Managers' Index (PMI) fell to 53.9 in March from 56.9 in February - its lowest level since June 2022.

The PMI ranges between 0 and 100, with a reading above 50 indicating expansion from the previous month and below 50 signalling contraction.

The survey is based on responses from around 400 manufacturers. Responses are collected in the second half of each month and capture changes compared to the previous month.

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