India's private sector growth slows to over four-year low in July as services weaken: HSBC Flash India PMI
The HSBC Flash India Composite PMI Output Index dropped to 54.3 in July from 57.1 in June, marking the slowest growth in private sector activity since March 2022. The decline was primarily driven by a significant slowdown in the services sector, with the Services PMI falling to 53.1, its weakest in 53 months, due to challenging market conditions and reduced client inquiries. Despite a mixed manufacturing outlook, new export orders surged, indicating robust international demand amid rising inflationary pressures on input costs.