India’s manufacturing sector showed signs of slowing in March, as growth in activity moderated amid a mix of rising costs, competitive pressures and global uncertainty, according to the HSBC India Manufacturing PMI report released on Thursday. The Purchasing Managers’ Index (PMI) fell to 53.9 in March from 56.9 in February, signalling a softer expansion.The reading also slipped below its long-run average of 54.2, marking the weakest improvement in business conditions in close to four years. The report attributed the slowdown to a combination of domestic and international challenges that dampened the momentum seen earlier. Intense competition and heightened uncertainty in the market environment weighed on performance, while geopolitical tensions, particularly the ongoing conflict in the Middle East, further affected demand and production trends. “Growth across India’s manufacturing industry took a step back in March as cost pressures, fierce competition, heightened market uncertainty and the war in the Middle East all led to softer increases in new orders and output,” the report noted. Both new orders and output, key components of the index, continued to grow but at a slower pace, with expansion easing to its weakest levels since mid-2022. The report indicated that although demand remained positive, it was constrained by difficult operating conditions. Cost pressures intensified during the month, with input prices rising at their fastest rate in more than three-and-a-half years. A broad range of materials, including aluminium, chemicals, fuel, jute, leather, fabric, oil, rubber and steel, recorded higher prices. “March data saw input prices increase to the greatest extent in over three-and-a-half years. Aluminium, chemicals, fuel, jute, leather, fabric, oil, rubber and steel were some of the items reported to be up in price,” the report stated. Pranjul Bhandari, chief India Economist at HSBC, was cited by ANI as saying, “disruptions linked to the conflict in the Middle East are reverberating through the global economy and weighing on Indian manufacturers.” She pointed out that the slowdown in output and new orders reflected softer demand and increased uncertainty, even as input costs rose sharply across several categories. Even struggling with rising expenses, companies largely refrained from fully passing on higher costs to customers. “For now, firms appear to be absorbing much of the increase, keeping output prices relatively contained,” Bhandari said. As a result, the increase in selling prices was limited, with output price inflation easing to a two-year low. The report suggested that firms were focusing on retaining existing customers and securing new business in a highly competitive environment. “The rate of output price inflation receded to a two-year low, curbed by customer-retention efforts and attempts to secure new clients at some firms,” it said. Employment trends offered a more positive picture. Hiring rose at the quickest pace in seven months, and the increase in workforce, combined with slower growth in new orders, enabled firms to reduce outstanding workloads for the first time in nearly one-and-a-half years. Companies also continued to build up stocks of raw materials, maintaining active purchasing strategies to support production and safeguard against potential supply chain disruptions. In the export segment, demand remained steady. Overseas sales expanded at their strongest pace since September, supported by clients across regions including Japan, mainland China, Europe and North America.

NEW DELHI: Chief of the Naval Staff Admiral Dinesh K Tripathi said on Thursday the Indian Navy was just minutes away from launching strikes on Pakistan from the sea during Operation Sindoor, when Pakistan requested a halt to kinetic actions. Speaking at the Naval Investiture Ceremony, Admiral Tripathi said, “Operation Sindoor demonstrated exemplary readiness and resolve of the Indian Navy, as our units undertook swift deployment and maintained a highly aggressive posture throughout the period. It is not a hidden fact anymore that we were just minutes away from striking Pakistan from sea, when they requested the stoppage of kinetic actions.”Admiral Tripathi said the Navy’s actions during the operation strengthened national confidence and showed its capabilities at the highest level. Referring to an interaction with Prime Minister Narendra Modi, he said, “Besides Operation Sindoor and the relentless operational tempo through the year, we were also very proud to showcase the breadth and depth of our operational capabilities to the honourable Prime Minister during a historic 17-hour overnight embarkation with the Indian Navy on the Western Seaboard.”Operation Sindoor was launched after the Pahalgam terror attack in April 2025, in which 26 people were killed. The operation targeted and destroy terrorist bases in Pakistan, killing several terrorists.

The Navy chief on Wednesday also awarded Yudh Seva Medals to Vice Admiral A N Pramod and Vice Admiral Rahul Vilas Gokhale for their roles in Operation Sindoor.Vice Admiral Pramod, DGNO, was recognised for planning and executing India’s response amid tensions with Pakistan. His deployment in the North Arabian Sea denied Pakistan Navy operational space.Vice Admiral Gokhale was honoured for ensuring missile readiness and combat deployment of 22 warships within 96 hours, helping restrict Pakistan’s naval movement.Captain Suraj Rebeira, Captain Vikas Garg, Captain Piyush Katiyar, Commander Rajeshwar Sharma, Commander Vivek Kuriakose, Commander Kapil Kumar, Lieutenant Commander Rishabh Purbia and Chief Mechanical Engineer Manoj Kumar were also awarded Nao Sena Medal (Gallantry) for their roles in the operation.

Rupee saw a strong rebound in early trading on Thursday, climbing 151 paise from its record low to reach 93.19 against the US dollar, following a regulatory step by the Reserve Bank aimed to restrict banks’ net open position in the onshore forward delivery market.Rupee began the day in green at 94.62 against the greenback in the interbank foreign exchange market before gaining ground sharply. The move marked a 1.6 % rise compared to its previous closing level.The recovery comes after a turbulent stretch for rupee, which had slipped past the 95 mark earlier in the week and ended Monday at 94.70. In the previous week, it had hit an all-time low of 94.84 against the dollar, triggering intervention from the central bank.As part of its latest measures, the Reserve Bank, through a circular issued on March 27, 2026, placed a cap of $100 million on banks’ net open positions in rupee, with compliance required by April 10.Even as the currency recovered, underlying pressures remained. Forex analysts pointed to continued foreign fund outflows, a firming US dollar and elevated crude oil prices, all set against a volatile geopolitical environment.The dollar index was up 0.32% at 99.77, indicating strength in the greenback against major global currencies. At the same time, Brent crude futures rose 4.84% to $106.06 per barrel.Equity markets mirrored the cautious mood. In early trade, the Sensex fell 1,312.91 points, or 1.80%, to 71,821.41, while the Nifty declined 410.45 points, or 1.81%, to 22,383.40.Data from exchanges showed foreign institutional investors remained net sellers, offloading equities worth Rs 8,331.15 crore on Wednesday.“The high crude price, the widening trade deficit, the fear of declining remittances and sustained FPI selling are acting cumulatively to put high pressure on the rupee,” said VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited.Rupee’s recent trend reflects broader pressures. It has weakened by more than 4% since the onset of the Middle East war on February 28, 2026, and recorded a decline of nearly 10 per cent over the fiscal year ending March 2026.Meanwhile, official data released on Wednesday showed goods and services tax collections rose around 9% in March, crossing the Rs 2 lakh crore mark. The figure represents the third-highest monthly collection in the 2025-26 fiscal year, supported by revenues from both imports and domestic transactions.