India’s manufacturing activity slowed in March to 53.9, the weakest improvement in nearly four years, as rising costs and global uncertainties weighed on demand, according to the HSBC Purchasing Managers’ Index (PMI) data. “Indian manufacturers signalled a decline in outstanding business volumes for the first time in close to a year-and-a-half. Underlying data indicated that additional recruitment and a softer increase in new orders facilitated backlog clearances,” the HSBC report noted.