India July Flash PMI Slips to 54.3: Private Sector Expansion Slows to Lowest Level Since March 2022

India's HSBC Composite PMI fell to 54.3 in July 2026 from 57.1 in June, the slowest expansion since March 2022.

Services PMI dropped to a 53-month low of 53.1 due to stiffer market competition and reduced client inquiries.

Manufacturing Output Index rose to 57.0 from 56.3, indicating accelerated physical production despite softer order inflows.

Renewed Middle East tensions led firms to build supply buffers and increase inventories, according to HSBC Chief Economist Pranjul Bhandari.

Input price inflation rose, prompting firms to raise selling prices at the fastest pace in three months.