Mumbai, July 24 -- India's private sector growth lost momentum in July, with the HSBC Flash India PMI data showing the slowest expansion in sales and output since early 2022, even as export demand strengthened and companies continued hiring.

The HSBC Flash India PMI Composite Output Index fell to 54.3 in July from 57.1 in June, marking the weakest pace of expansion since March 2022. The slowdown was linked to weaker market conditions, stronger competition, order cancellations, fewer client enquiries and shortages of key raw materials.

New orders continued to grow but at the slowest pace in nearly four-and-a-half years, with the moderation driven mainly by the services sector. Services activity expanded at its weakest rate in 53 months, ...