India’s manufacturing activity expands in June, but at a slower pace, according to HSBC’s India Manufacturing Purchasing Managers’ Index (PMI), which falls to 54.2. Multiple reports say this is the second-weakest reading since mid-2022 and the lowest in several months, with one outlet describing it as the second-lowest in four years. The slowdown reflects weaker momentum across key components. New orders and output both decline versus the prior month, with firms citing softer demand and more challenging market conditions. Concerns over demand and competition also weigh on business confidence, which drops to a five-month low in one report. Exports and employment continue to grow, but at a slower rate than in May, indicating that factory activity remains in expansion territory rather than contracting. One outlet notes that the capital goods sector is a driver behind the fall, tying the easing to weakness in that segment. Overall, the sources present a consistent picture: factories in India continue to grow in June, but the pace of growth for orders, production, exports and hiring moderates.