India, Nov. 22 -- Climate change, GST's reverse effect, and global competition pulled down India's manufacturing in November 2025. According to HSBC's Purchasing Managers' Index (PMI) for the sector fell to the lowest level in the past nine months. One of the major reasons was the extended monsoon season, which was quite unseasonal. In several parts of the country, heavy rains continued till October, and in places that are not impacted by the retreating monsoon. This led to logistics issues, and problems with goods reaching their destinations, or leaving the factories. The situation has only improved in the past few weeks, which may aid manufacturers in December.

According to Pranjul Bhandari, chief India economist, HSBC, who was quoted ...