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.