Growth in India's dominant services sector was the slowest in over two years in January amid cooling demand but remained historically strong and led to a substantial rate of hiring, a business survey showed on Wednesday.

The seasonally adjusted HSBC India Services Purchasing Managers’ Index (PMI), compiled by S&P Global, fell to 56.5 in January, its lowest since November 2022, on the back of lower demand and a softer increase in sales and output.

New Delhi: India’s services sector activity expanded at the slowest pace in over two years in January amid softer increases in sales and output, a monthly survey said on Wednesday.