India's services PMI hits over 4.5-year low as demand, new orders lose momentum

India's services sector growth slowed to its weakest pace in more than four-and-a-half years in July as softer domestic and export demand, intense competition and weaker customer enquiries weighed on business activity, according to the latest HSBC India Services Purchasing Managers' Index (PMI) released on Wednesday.The seasonally adjusted HSBC India Services PMI Business Activity Index fell to 53.3 in July from 57.4 in June, marking the weakest growth rate in 53 months.Although the index remained above the neutral 50 mark, indicating continued expansion, the pace of growth was the slowest since early 2022.New orders slow as demand weakensThe survey showed that new business inflows expanded at the slowest pace since February 2022, with firms attributing the slowdown to fierce competition, fading demand, softer market conditions and order postponements."India's services sector continued to expand in July, albeit at a slightly slower pace, as new business growth eased in both domestic and…