27 October 2025 Emerging Asia Monitor Tariff hit still the main story in India's PMIs; GST relief nowhere to be seen

India’s flash PMIs for October were a mixed bag, but it’s clear that the mid-2025 re-acceleration is over.
Short-term leading indicators are still softening post-50% tariff, while long-term are average at best.
The partial Q4 read chimes with our view that the economy is in the midst of a steep GDP slowdown.

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