India’s service sector maintains strong growth in July

India’s service sector continued its robust expansion in July, according to the latest HSBC India Services PMI.

The seasonally adjusted HSBC India Services Business Activity Index stood at 60.3 in July, down only fractionally from 60.5 and above the neutral mark of 50.0 for the thirty-sixth consecutive month.

The uptick in business activity was driven by a surge in new orders, fuelled by buoyant demand, increased tech investments, and a growing online presence. While growth remained robust, it was slightly slower than the previous month.

“India’s composite PMI recorded another month of robust expansion in July, albeit at a slightly slower pace than in June. Robust demand conditions, reflected by increased new orders from both domestic and international markets, led firms to increase hiring levels.” Pranjul Bhandari, Chief India Economist at HSBC, said.

Attribution: HSBC India Services PMI report