The HSBC India Services PMI declined to 59.4 in July 2025 from 60.4 in the previous month, preliminary readings showed. The latest figure marked a slowdown from the fastest expansion in ten months, as output growth eased compared to the prior month. However, production growth remained historically strong. New orders continued to rise, with foreign sales accelerating. Employment increased, although job creation eased, with the respective seasonally adjusted index falling by nearly four points. Meanwhile, outstanding business faced pressures in June. On the price front, output cost inflation accelerated, surpassing the series trend.