Services activity hits 11-month high in July

Growth in India’s services activity, as measured by the Services Purchasing Managers’ Index (PMI), rose to an lI-month high in July mainly led by an upturn in export orders, according to a release from S&P Global on Tuesday.

- Auhona Mukherjee

The seasonally adjusted HSBC India Services Business Activity Index came in at 60.5 in July up slightly from 60.4 in June and the highest since August 2024 when it was 60.9. The PMI services number also exceeded the services flash PMI of 59.8, released last month.

The June reading was above the 50-mark, which indicates expansion over the previous month. The index has remained above 50 for four years now.

“At 60.5, the services PMI indicated a strong growth momentum, led by a pickup in new export orders. Future optimism rose but remained below 1H25 levels,” said Pranjul Bhandari, chief India economist at HSBC.