New Delhi, Dec. 1 -- India's manufacturing growth softened to a nine-month low in November as US tariffs hurt demand, according to a private survey released on Monday.

The HSBC India Manufacturing Purchasing Managers' Index (PMI), compiled by S&P Global, fell to 56.6 in November 2025 from 59.2 in October, marking the slowest expansion since February 2025. A reading above 50 indicates expansion in activity.

"India's final November PMI confirmed that US tariffs caused the manufacturing expansion to slow. The new export orders PMI fell to a 13-month low," said Pranjul Bhandari, chief India economist at HSBC.

"Business confidence, as indicated by expectations for future output, showed a big fall in November, potentially reflecting increasi...