Now Reading: India’s Services and Manufacturing Growth Slow in July
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India’s Services and Manufacturing Growth Slow in July
The Hindu reported that India’s services activity growth slowed sharply in July. The HSBC Services PMI fell to 53.3 from 57.4 in June, its weakest rise in 53 months. New business growth…
The Story in Brief
The Hindu reported that India’s services activity growth slowed sharply in July. The HSBC Services PMI fell to 53.3 from 57.4 in June, its weakest rise in 53 months. New business growth moderated, although exports from the UAE, UK and US increased. Hiring improved modestly, while input costs and prices rose.
LiveMint reported that manufacturing activity also expanded more slowly. The HSBC Manufacturing PMI fell to 53.5 from 54.2, its lowest since August 2021. New orders and employment growth weakened, but export demand strengthened. Input cost inflation eased, supply chains improved and firms rebuilt inventories. Both readings remained above 50, signalling expansion.
The Indian Opinion
The two reports suggest that India’s private-sector growth continued in July but lost momentum. Services showed a sharper slowdown than manufacturing, although the surveys measure different sectors and should not be treated as a complete picture of the economy. Export demand and improving supply conditions offer support. Claims of either a broad crisis or uniformly strong growth would go beyond the available evidence, especially as both surveys cover about 400 firms.
Sources (2): thehindu.com, livemint.com
This story was synthesised by AI from the 2 sources linked above.
Updated: this story now draws on 2 sources.
