New Delhi, July 24 -- India's private sector activity expanded at its slowest pace in more than three years in July as weaker domestic demand and challenging market conditions weighed on business activity, according to the HSBC Flash PMI survey by S&P Global.

Private Sector Growth Slows to Over Three-Year Low

The HSBC Flash India PMI Composite Output Index declined to 54.3 in July from 57.1 in June, marking the weakest expansion in private sector output since March 2022. Although the index remained above the 50-mark, indicating continued growth, the pace moderated significantly.

The survey attributed the slowdown to challenging market conditions, increased competition, order cancellations, lower client enquiries and shortages of key ra...