Slowdown bites: Private sector output shrinks for first time in 4 years

Signalling a difficult economic environment, HSBC on Monday said that for the first time in over four years the overall business activity in the private sector in India has contracted. The HSBC India Composite Index, which maps both services and manufacturing output, clocked 48.4 in July down from 50.9 in June, HSBC said this was indicative of a moderate contraction overall.”

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