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India's Private-Sector Expansion Slows to Four-Year Low in July, Flash PMI Shows

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Business activity across India's private sector expanded in July, with the HSBC India Composite Purchasing Managers' Index (PMI) falling to 54.3 from 57.1 in the previous month, according to flash data compiled by S&P Global and released on Friday.

The reading remained well above the 50 mark that separates expansion from contraction.

The moderation was driven by a sharp slowdown in the services sector amid challenging market conditions, competitive pressures, order cancellations, weaker client inquiries and shortages of key raw materials.

The manufacturing PMI, released the same day, eased to 53.9 from 54.2 the previous month, while the services PMI business activity index declined to 53.1 from 57.4 in June.

The manufacturing output index rose to 57 from 56.3.

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