Exports, New Orders Keep India’s Services PMI Firm at 53.3

India’s services activity stayed solid in July, with the HSBC Services PMI holding at 53.3. The index was buoyed by a steady stream of export orders and an uptick in hiring. Survey participants highlighted rising demand from customers in the United Arab Emirates, United Kingdom and United States, which grew more quickly than overall new business. Nevertheless, the rate of new‑business inflow fell to its weakest since February 2022, pressured by soft market sentiment and intense rivalry. Hiring recovered slightly, adding a small number of workers and supporting broader employment gains. Input‑cost pressure eased despite higher outlays on fuel, labour and transport, and companies raised prices at the fastest clip since April, improving profit margins.