<h1>HSBC India Manufacturing PMI shows weaker factory growth in December: new orders slow, hiring and pricing pressures ease</h1> The HSBC India Manufacturing PMI survey reports a deceleration in manufacturing activity, with the seasonally adjusted PMI declining from 56.6 in November to 55.0 in December while remaining above the 50.0 expansion threshold, indicating continued but weaker growth. The survey records slower production growth and the weakest increase in new orders in two years, alongside a softer rise in export orders, leading firms to curb input purchasing and to limit hiring to marginal increases. It also notes negligible input-cost inflation and a moderation in output-charge inflation to a nine-month low, with business sentiment for 2026 weakening to a near three-and-a-half-year low.