FX.co ★ India Services Growth Eases in July

In July 2025, the HSBC India Services PMI fell to 59.4 from June's 60.4, according to preliminary data. This decline indicates a deceleration from the past month's ten-month high in expansion rates, reflecting a slight easing in output growth. Nevertheless, production continued to perform robustly by historical standards. New orders experienced sustained growth, with an uptick in international demand. While employment saw an increase, the pace of job creation slowed, as evidenced by a nearly four-point drop in the seasonally adjusted index. On the pricing side, inflation in output costs quickened, exceeding the average trend observed in the series.