The IHS Markit India Services PMI increased to 54.1 in October 2020 from 49.8 in the previous month, easily beating market expectations of 51.2. The latest reading pointed to the first time expansion in the services sector since February, as output expanded faster while new orders rose for first time since February, amid the loosening of coronavirus pandemic restrictions. At the same time, employment declined for the eighth month in a row and at a solid pace and matched that recorded in September. On the price front, the rate of input cost inflation picked up to an-eight month high, but there was a softer rise in prices charged for the provision of services. Looking ahead, business sentiment strengthened, when firms became upbeat for the first time in five months, but was subdued in the context of historical survey data. source: Markit Economics
Services PMI in India averaged 50.19 points from 2012 until 2020, reaching an all time high of 57.50 points in January of 2013 and a record low of 5.40 points in April of 2020. This page provides the latest reported value for - India Services PMI - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. India Services PMI - data, historical chart, forecasts and calendar of releases - was last updated on November of 2020.
Services PMI in India is expected to be 51.90 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Services PMI in India to stand at 51.00 in 12 months time. In the long-term, the India Services PMI is projected to trend around 52.60 points in 2021 and 50.80 points in 2022, according to our econometric models.