India’s private sector growth moderated slightly in May as softer demand conditions and slowing export orders weighed on manufacturing activity, according to the HSBC Flash India PMI data. The HSBC Flash India Composite PMI Output Index stood at 58.1 in May, marginally lower than April’s final reading of 58.2. A reading above 50 indicates expansion in activity. The growth in the services sector improved slightly during the month, while manufacturing activity weakened further. Factory output growth was the second-slowest since mid-2022.