By Daniel Hunter

July data highlighted the first decline in business activity across the Indian private sector in over four years. Manufacturers and service providers both recorded lower output levels, amid evidence of falling new business and a difficult economic climate.

At 48.4 in July, down from 50.9 in June, the HSBC India Composite Output Index was indicative of a moderate contraction overall. Down from 51.7 in June to 47.9 in July, the seasonally adjusted HSBC Services Business Activity Index registered below the 50.0 no-change mark for the first time since October 2011 and was consistent with a moderate contraction.

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