India’s private sector maintained strong growth in July, driven by rising domestic and export demand. S&P Global’s HSBC Flash PMI data showed robust performance in manufacturing and services, supported by record-high sales and output. However, business confidence dipped and cost pressures rose.

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• Composite PMI at 60.7 in July, indicating strong output growth.
• India’s private sector saw fastest sales growth in a year.
• Manufacturing PMI rose to 59.2, highest in nearly 18 years.
• Manufacturing outpaced services in output, new orders, export growth.
• Input costs rose; inflation strong but below long-term average.
• Aluminium, food, cotton, steel, transport saw price hikes.
• Business confidence fell to lowest since March 2023.
• Job growth weakest in 15 months, indicating cautious hiring.
• RBI projects 6.5% GDP growth for FY26; risks seen as balanced.
• Services growth softened but remained historically strong.