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.
Indian engineering exports surged past $10 billion in February 2026, recording double-digit growth despite geopolitical tensions and global economic slowdown. Shipments gained momentum across key destinations, with China emerging as a standout market as volumes doubled. Strong performance was also seen in other major regions including Saudi Arabia and the UK, helping sustain the export rebound.
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