India's Services Growth Hits 11-Month Low in December Amid Softening Demand, Hiring

• India's HSBC Services PMI dropped to 58.0 in December, marking an 11-month low, down from 59.8 in November.
• Growth in new business eased to its weakest pace since January 2025, driven by softening demand and increased competition.
• Hiring activity stalled, ending a 42-month streak, with firms marginally reducing staffing levels in December.
• Business confidence fell for the third consecutive month, reaching its lowest level in over three years.
• The broader HSBC India Composite PMI also hit an 11-month low at 57.8, reflecting a slowdown across both services and manufacturing sectors.

Why It Matters: India's services and manufacturing sectors saw growth momentum moderate significantly in December.