印度国际经济关系研究理事会（ICRIER）：2026年印度宏观监测报告-第1期（英文版）

Global activity remained resilient, but the trade environment stayed weak. Both manufacturing and services export order PMIs softened during the quarter, with services remaining in contraction throughout. This indicates a continued external demand headwind for India's export-oriented sectors, especially IT and business services. The e-way bill–toll–diesel triangulation points to softer freight activity. The simultaneous moderation in e-way bill growth, continued contraction in toll collec