India’s private-sector growth slips to five-month low in October

India’s flash composite PMI for October fell to 59.9 from 61.0 in September, marking the weakest reading since May. Services activity slipped to 58.8 from 60.9, while manufacturing edged up to 58.4. New orders grew at the slowest pace in five months and export demand weakened. Despite remaining in expansion territory, the survey suggests the growth momentum is cooling. Analysts warn that slower global demand and higher costs for firms could weigh on corporate earnings ahead, which may put pressure on equity valuations in the near term.