इंडिया सर्व्हिसेस पीएमआय जुलैमध्ये 53.3 पर्यंत कमी

जुलैमध्ये भारताचे सेवा क्षेत्र विस्तारत राहिले, परंतु 53 महिन्यांमध्ये त्याच्या सर्वात कमकुवत गतीने मागणी, स्पर्धात्मक दबाव आणि कमी चौकशीमुळे बिझनेस ॲक्टिव्हिटी मंदावली.

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India’s services sector grew at its slowest pace in nearly four-and-a-half years in July, with the HSBC India Services PMI Business Activity Index falling to 53.3 from 57.4 in June, according to data reported by Business Standard on Wednesday.

The reading remained above the 50 mark, which separates expansion from contraction, meaning the sector was still growing. But it marked the weakest pace of growth in 53 months and pointed to a broad loss of momentum in one of the economy’s key engines.

The report said softer demand, competitive pressures and fewer enquiries weighed on business activity during the month. New business inflows also slowed sharply, rising at their weakest pace since February 2022.

Demand cooled, though the sector remained in expansion mode

The July PMI data showed that the services economy is still expanding, but with less support from fresh demand than in previous months.

Survey respondents cited fierce competition, softer market conditions, fading demand and the postponement of orders as reasons for slower new business growth. That left overall activity growth well below June’s pace.

Among the four broad areas of the services economy covered by the survey, only finance and insurance recorded faster growth in output and sales. That suggests the slowdown was not isolated to one or two sub-segments, but spread more widely across service providers.

Export orders were stronger than domestic momentum

One area of resilience came from overseas demand.

New export orders rose at a solid pace in July and grew faster than total sales, according to the report. Firms cited stronger demand from clients in the United Arab Emirates, the United Kingdom and the United States.

That matters because export demand helped offset part of the domestic slowdown, even as broader activity weakened. Without that support, the July headline reading may have been weaker still.

Hiring improved, but only modestly

Employment trends offered another mixed signal.

Hiring improved after slipping to a six-month low in June, but job creation remained modest. Only 6% of surveyed firms reported an increase in payrolls, while 92% said staffing levels were unchanged.

That suggests firms are still cautious about adding capacity even though the sector remains in growth territory. A slower pace of hiring also fits with the report’s finding that outstanding business declined at the fastest pace in nearly five years.

In effect, firms had enough capacity to work through pending orders as the flow of fresh demand softened.

Confidence weakened and backlogs fell

Business confidence stayed positive, but it fell to a seven-month low.

That decline reflects a market still expecting growth, but with less certainty than before. The combination of softer demand, slower new business growth and falling backlogs points to a services sector that is expanding, but with less momentum and less pricing comfort than in stronger months.

The fall in outstanding business was described as moderate, but it was still the fastest in nearly five years. That is a notable signal because it shows new work was not arriving quickly enough to keep backlogs building.

Cost pressures eased, but prices still rose faster

Input cost inflation eased to a six-month low in July, even though firms continued to report higher fuel, labour, material, technology and transportation expenses.

At the same time, selling prices rose at their fastest pace since April. That combination suggests cost pressure moderated, but firms still found room to pass on price increases in parts of the market.

The report said real estate and business services recorded the strongest increase in charges, while consumer services posted the weakest.

Composite PMI also weakened

The slowdown was not limited to services alone.

The HSBC India Composite PMI Output Index fell to 54.3 in July from 57.1 in June, the weakest reading since March 2022. Business Standard said the softer composite reading was led by services, while manufacturing output growth improved marginally.

That leaves the July data with a clear message: India’s private sector continued to expand, but the services side of the economy lost momentum sharply.

sector has not slipped into contraction. But the July PMI shows growth is becoming harder to sustain at the pace seen earlier, especially as softer demand and competition start to weigh more visibly on activity.
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