Economic Activity - India's economic activity slowed in November, impacting job creation, as indicated by a flash survey from HSBC Holdings Plc [1] - The manufacturing purchasing managers' index (PMI) decreased to 57.4 from 59.2 in October, while the services PMI increased to 59.5 from 58.9, resulting in a composite index drop to 59.9 from 60.4 [1][2] Business Confidence - The indexes reflect business confidence and are based on preliminary surveys, with a reading above 50 indicating expansion and below indicating contraction [2] - The expansion in new orders and business activity was reported to be at its slowest since May, which, along with a lack of pressure on operating capacities, limited job creation [2] Trade Impact - October's trade data showed a decline in exports to the US, India's largest trading partner, which fell by 8.6% due to the 50% tariffs imposed by the US, adversely affecting labor-intensive industries [2] - The tariffs and global trade uncertainties contributed to a record high trade deficit for India in October [2] Domestic Demand - Cuts to the goods and services tax (GST) in September helped lower prices on household items and boosted domestic demand, partially offsetting the impact of tariffs [3] - However, overall new orders in the manufacturing sector were described as "soft," suggesting that the GST-led boost may have peaked [3]