The IHS Markit India Services PMI declined to 46.4 in May of 2021 from 54.0 in the previous month, and below market expectations of 49. The reading pointed to the first time contraction in the sector since last September, amid a resurgence of COVID-19 cases. Both output and new orders declined due to the reintroduction of restrictions to contain the spread of the coronavirus. External demand continued to worsen, with the new exports orders falling at the fastest pace in six months, due to the international restrictions and business closures. Meanwhile, the pace of job shedding accelerated to the fastest in the current six-month sequence. On the price front, input cost inflation eased to four-month low. As a result, selling prices rose modestly. Looking ahead, business sentiment weakened to the lowest since last August, due to the escalation of the pandemic. source: Markit Economics

Services PMI in India averaged 50.35 points from 2012 until 2021, 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 June of 2021.

Services PMI in India is expected to be 52.00 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 52.00 in 12 months time. In the long-term, the India Services PMI is projected to trend around 50.80 points in 2022 and 51.20 points in 2023, according to our econometric models.

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India Services PMI

Actual Previous Highest Lowest Dates Unit Frequency
46.40 54.00 57.50 5.40 2012 - 2021 points Monthly


News Stream
India Services Activity Shrinks for 1st Time in 8 Months
The IHS Markit India Services PMI declined to 46.4 in May of 2021 from 54.0 in the previous month, and below market expectations of 49. The reading pointed to the first time contraction in the sector since last September, amid a resurgence of COVID-19 cases. Both output and new orders declined due to the reintroduction of restrictions to contain the spread of the coronavirus. External demand continued to worsen, with the new exports orders falling at the fastest pace in six months, due to the international restrictions and business closures. Meanwhile, the pace of job shedding accelerated to the fastest in the current six-month sequence. On the price front, input cost inflation eased to four-month low. As a result, selling prices rose modestly. Looking ahead, business sentiment weakened to the lowest since last August, due to the escalation of the pandemic.
2021-06-03
India Services Activity Growth Slows in April
The IHS Markit India Services PMI declined to 54.0 in April of 2021 from 54.6 in the previous month, and below market expectations of 51.1. The reading pointed to the seventh straight month of expansion in the sector, but the weakest pace since January, as output growth eased to 3-month low, while new orders continued to expand, with the rate of expansion was stable. External demand continued to worsen, with new orders from abroad decreasing for the fourteenth month running. At the same time, the pace of job shedding slowed to the weakest since January. On the price front, input cost inflation accelerated to nine-and-a-half year-high. As a result, selling prices continued to increase. Looking ahead, business sentiment weakened to the lowest since last October, due to the escalation of the pandemic.
2021-05-05
India Services Growth Slows in March
The IHS Markit India Services PMI declined to 54.6 in March of 2021 from 55.3 in the previous month, and slightly above market expectations of 54.5. The reading pointed to the sixth straight month of expansion in the sector, as both output and new orders continued to grow, despite the rate of expansion softened. External demand continued to worsen, with new orders from abroad decreasing for the thirteenth straight month. At the same time, the pace of job shedding accelerated, with backlogs of work rose for the tenth month running, but at the weakest pace since last June. On the price front, input cost inflation eased from February's eight-year high. Meanwhile, selling prices increased, amid efforts to protect margins given ongoing increases in input costs. Looking ahead, business sentiment was unchanged, amid the roll-out of COVID-19 vaccines underpinned positive expectations towards growth prospects.
2021-04-07
India Services PMI Rises to 1-Year High
The IHS Markit India Services PMI increased to 55.3 in February of 2021 from 52.8 in the previous month, and above market expectations of 53. The reading pointed to the steepest month of expansion since February last year, as new order growth picked up to a year high despite a continued fall in export sales. At the same time, the pace of job shedding accelerated, but was moderate overall. On the price front, input cost inflation was the strongest since February 2013, amid reports of higher freight, fuel and retail prices. Meanwhile, selling prices were stable. Looking ahead, business sentiment improved to a one-year high, as the roll-out of COVID-19 vaccines underpinned positive expectations towards growth prospects.
2021-03-03

India Services PMI
The IHS Markit India Services PMI (Purchasing Managers' Index) is based on data compiled from monthly replies to questionnaires sent to purchasing executives in around 350 private service sector companies. The index tracks variables such as sales, employment, inventories and prices. A reading above 50 indicates that the services sector is generally expanding; below 50 indicates that it is generally declining.