The HSBC India Services PMI fell sharply to 53.3 in July from 57.4 in June, marking its weakest reading since February 2022, though it remains above the 50 threshold separating expansion from contraction. The Composite PMI dropped to 54.3, its lowest level since March 2022, while the Manufacturing PMI eased to 53.5, its weakest since August 2021. The slowdown was driven primarily by softer domestic demand, with new business inflows growing at their weakest pace since February 2022. In contrast, new export orders accelerated, supported by stronger demand from the UAE, UK, and US. Despite easing input cost inflation, output price inflation rose while business confidence fell to a seven-month low.
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