India's Private Sector Growth Hits Four-Year Low in July, PMI Data Shows
India’s private sector growth slowed to its weakest pace in over four years in July according to HSBC’s flash Composite Purchasing Managers' Index (PMI), which fell to 54.3 from June’s 57.1. The slowdown was primarily driven by a sharp decline in the services sector, while manufacturing showed some resilience but not enough to offset broader weakness. Despite rising export orders and continued hiring for seven months straight, firms faced higher input costs due to increased expenses on fuel, labor, materials, and transportation. Output price inflation hit a three-month high as companies passed these cost increases onto clients.
Topics: India manufacturing PMI private sector growth services slowdown