India's services sector growth slowed to a 17-month low in June as softer domestic demand, challenging market conditions, and weaker client interest weighed on business activity, according to the latest HSBC India Services PMI survey.
The HSBC India Services PMI Business Activity Index declined to 57.4 in June from 59.8 in May, marking the slowest pace of expansion in 17 months. Businesses also reported subdued sales, stagnant hiring activity, and weaker business confidence amid the softer demand environment.