India services PMI falls to 53.1 in July

India's services PMI fell to 53.1 in July 2025, a four-year low, after hitting 59.8 in May.

Economists view the decline as an early warning signal for the services sector.

GST data, UPI transactions, and card spending suggest consumer demand has not broken despite the PMI drop.

The divergence between falling PMI and rising spending indicates consumers may be spending more but buying less in volume.