India's manufacturing sector expanded in December but at its slowest pace in two years, with the HSBC PMI falling to 55.0 from 56.6 in November. While new orders and factory output growth moderated, remaining above the 50-point expansion threshold, export orders saw their weakest rise in 14 months. Firms showed caution in hiring and raw material purchases due to easing production pressures. Despite the slowdown, the sector ended 2025 on a resilient note with subdued inflation.