The HSBC flash India Composite Purchasing Managers' Index fell to 54.3 in July, missing the market forecast of 57.7. The services business activity index slumped to 53.1, its lowest since February 2022, dragging down the overall figure. The manufacturing activity index also declined to a four-month low of 53.9, though output and new orders continued to expand, supported by overseas demand. The pace of input cost increases accelerated, and output price inflation hit a three-month high.