# Services sector growth hits 4.5-year low in July, says HSBC PMI

2026-08-07T23:59:49+00:00 | Business & Economy | Indian Opinion Desk

Corroboration: 1 independent outlet

India's services sector grew at its slowest pace in 4.5 years in July, the HSBC India Services PMI falling to 53.3 from 57.4 in June. New business orders eased in domestic and export markets due to fierce competition and fading demand, the survey of about 400 firms shows. The composite PMI, combining manufacturing and services, slipped to 54.3, the weakest since March 2022. Separately, the manufacturing PMI also declined to 53.5 in July, a five-year low, as per HSBC's index. Job creation showed a modest rebound in services but weakened further in manufacturing.

## Coverage

- rediff.com <https://www.rediff.com/business/report/indias-services-sector-sees-growth-slowdown-to-45-year-low-in-july/20260805.htm>
- thehindu.com <https://www.thehindu.com/business/Economy/indias-manufacturing-sector-activity-growth-falls-to-5-year-low-in-july-amid-challenging-market-condition-pmi/article71302500.ece>

Tags: business activity, economic slowdown, HSBC, India economy, job creation, services PMI
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