Softer demand, fierce competition and postponed orders slowed services activity, though export orders, employment and profit margins showed some improvement during the month
India's services sector expanded in July, but activity and new business grew at their weakest pace since early 2022, even as exports and hiring remained resilient
India's services PMI rose to 62.9 in August, the steepest expansion since 2010, driven by strong demand, new orders, and resilient job creation amid rising costs
Services led the growth, with activity hitting a record 65.6, while manufacturing preliminary PMI climbed to 59.8 in August, its strongest level since January 2008
Rebound suggests that India's economic growth rate, which unexpectedly slipped to a three-year low of 5.7 percent in the April-June quarter from a year ago, may also improve in the current quarter.
