MSME manufacturing expands but growth cools as global headwinds slow orders: PHDCCI survey

New orders rise, but the pace is fading

India’s manufacturing MSME sector is still growing, but the momentum is weakening. A PHDCCI survey finds new orders and production rising, though at a slower pace than before. While the next quarter’s outlook is broadly positive, it comes with caution—suggesting external pressures are starting to bite into demand and expansion plans.