India's Services PMI Remains Strong, But There's One Warning Sign In The June Data

Summary

India's services sector continued to expand in June, with the Services Purchasing Managers' Index standing at 57.4, although the pace of growth eased due to softer domestic demand. The growth was supported by competitive pricing strategies, rising e-commerce demand, and stronger customer bookings, but new business slowed to its weakest pace in over two and a half years. Despite this moderation, overseas sales remained robust, with new export orders growing at their fastest pace in three months, driven by stronger demand from countries such as Australia, Canada, and the United States.