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India's Services Activity Slows in July, Flash PMI Shows

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Services activity in India eased in July, with the HSBC Flash India Services Purchasing Managers' Index (PMI) falling to 53.1 from 57.4 in the previous month, according to preliminary data compiled by S&P Global and released on Friday.

The reading missed the 59 forecast tracked by Trading Economics. A reading above 50 indicates expansion in the sector, while a figure below signals a contraction.

The latest performance was driven primarily by increasingly challenging market conditions, competitive pressures, order cancellations, reduced client inquiries and shortages of key raw materials.

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