India’s services sector growth slows further in July, with the Purchasing Managers’ Index (PMI) showing a four-year low for services activity. NDTV reports the services PMI falls to 53.3 in July from 57.4 in June, while the composite PMI declines to its lowest level since March 2022, reflecting weaker overall expansion. Times of India similarly says the services PMI reaches its weakest pace in over four years, citing slowing demand and loss of momentum in new orders. The July data show that new business inflows expand at the slowest rate since early 2022, consistent with softer demand conditions. Times of India adds that overseas demand remains comparatively more resilient, with export-related business performing better than overall sales growth. Employment growth improves modestly. Business confidence weakens to a seven-month low, while input cost inflation eases. Companies raise selling prices at the fastest pace since April, indicating continuing upward pressure on prices even as growth slows. Overall, the sources point to cooling services activity driven mainly by weaker new business, alongside some stability in export demand.
India’s services PMI falls to over four-year low in July as new business growth slows
India’s services sector growth slows further in July, with the Purchasing Managers’ Index (PMI) showing a four-year low for services activity. NDTV reports the services PMI falls to 53.3 in July from...
- India’s services PMI drops to 53.3 in July from 57.4 in June, its weakest level in over four years.
- India’s composite PMI falls to its lowest level since March 2022.
- New business growth slows to the weakest rate since early 2022, reflecting softer demand.
- Overseas demand remains comparatively resilient, with export business outperforming overall sales growth.
- Input cost inflation eases, while firms raise selling prices at the fastest pace since April.
India's services sector growth slowed significantly in July, reaching its weakest pace in over four years. New business inflows expanded at the slowest rate since early 2022, driven by softer demand. Overseas demand remained relatively resilient, with export business outperforming overall sales growth. Employment growth improved modestly, while business confidence weakened to a seven-month low. Input cost inflation eased, and companies raised selling prices at the fastest pace since April.
1 hour agoIndia's services PMI fell to 53.3 in July from 57.4 in June, while the Composite PMI dropped to its lowest level since March 2022 as growth in new business weakened.
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