New Delhi, April 3 -- Good morning!

India's manufacturing story lost some steam in March. The HSBC Purchasing Managers Index (PMI) slipped from 56.9 to 53.9-its weakest since June 2022-signalling slower but still positive growth.

What's behind the dip? A mix of softer demand and rising uncertainty. The Iran war is beginning to ripple through supply chains, pushing up input costs for metals, chemicals and fuel. Companies, however, aren't fully passing this on yet, keeping price hikes modest.

New orders and output, the backbone of factory activity, both slowed sharply, but there are pockets of resilience. Export demand held up, with stronger orders from Europe and Asia, and firms continued hiring at a steady pace.

The bigger worry is un...