New Delhi, Aug. 6 -- India's services sector growth slowed to a four-and-a-half-year low in July, as easing demand and rising competition weighed on new business inflows, according to a monthly survey released on August 5, 2026.

The seasonally adjusted HSBC India Services PMI Business Activity Index declined to 53.3 in July from 57.4 in June, marking the weakest expansion in 53 months. Despite the slowdown, the index remained above the neutral 50 mark, indicating continued growth in output.

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Pranjul Bhandari, Chief India Economist, HSBC, said, "India's services sector continued to expand in July, albeit at a slightly slower pace, as new business growth eased in both domestic and export markets after several mon...