India’s economic activity slightly slowed in March, driven by a slowdown in the services sector demand, despite a pickup in manufacturing. The manufacturing purchasing managers’ index (PMI) rose to 57.6 in March, while the services PMI fell to 57.7. The composite index dropped to 58.6 from 58.8. Risks to India’s economic growth are increasing, with US tariffs set to take effect from April 2. The Reserve Bank of India is also expected to lower its benchmark rate further in April. India’s growth for the fiscal year ending in March is expected to be 6.5%, the weakest pace since the pandemic.