New Delhi, Nov. 22 -- India's private-sector expansion slowed in November, with early survey data indicating a softer manufacturing momentum, even as services activity remained resilient. According to HSBC's Flash India Purchasing Managers' Index (PMI), released on Friday, growth in both new orders and business activity eased to their weakest pace since May. The flash survey, an advance estimate ahead of final PMI readings, offers an early indication of shifts in economic sentiment and output. The HSBC Flash India Composite PMI Output Index, compiled by S&P Global, is expected to edge down to 59.9 in November from 60.4 in October, signalling a moderation in overall private sector growth. Despite the slowdown, the reading remains comfortably above the 50-point threshold that separates expansion from contraction. The services sector showed continued strength: the Flash Services Business Activity Index is projected to rise to 59.5 in November from 58.9 in October, reflecting steady demand and healthy business confidence. Manufacturing, however, showed signs of cooling. The Flash India Manufacturing PMI Output Index is forecast to decline to 60.7 in November from 63.7 in October, signalling a loss of momentum in factory production. The broader Flash India Manufacturing PMI is expected to drop more sharply, to 57.4 from October's final reading of 59.2, still expansionary, but at a meaningfully slower pace. The final PMI data for October will be released early in December. "Input costs rose at the weakest rate in nearly five-and-a-half years, while output charge inflation eased to an eight-month low," the survey said. "Survey participants remained upbeat towards the year-ahead outlook for output, but the overall level of positive sentiment slipped to the lowest since July 2022," it added. The flash PMI data is based on responses from around 400 manufacturers and 400 service providers. "The HSBC flash manufacturing PMI eased, though the improvement in operating conditions remained healthy. The rise in new export orders matched that seen in October," said Pranjul Bhandari, chief India economist at HSBC. "However, overall new orders came in soft, indicating that the GST-led boost may have peaked. Cost pressures eased considerably, and so did prices charged," Bhandari added. The slowdown in growth reflected a softer increase in factory production, one that was the weakest since May, according to the survey. "Some manufacturers reported subdued intakes of new business in November. Concurrently, the latest rise in services activity was faster than that recorded in the previous month," the survey added. To be sure, the renewed US tariffs are beginning to weigh on India's manufacturing and services sectors, disrupting supply chains and denting export sentiment. Higher duties, raised by as much as 50% on a wide range of Indian goods, along with visa restrictions, are tightening conditions for exporters and service providers alike....