India’s HSBC Composite PMI was confirmed at 54.3 in July 2026, matching the flash estimate and marking its lowest level since March 2022. The reading eased from 57.1 in June, signaling the weakest expansion in private-sector activity since March 2022, as growth in the services sector slowed sharply, outweighing a slight pickup in manufacturing output. New orders rose at a softer pace across both sectors, with manufacturers continuing to outperform service providers. Despite the moderation in overall activity, employment growth accelerated to its fastest pace in three months, as stronger hiring in services more than offset slower job creation in manufacturing. Meanwhile, input cost inflation across the private sector eased to a six-month low, although firms raised selling prices at the fastest pace since April, pointing to resilient pricing power.