The IHS Markit India Services PMI jumped to 56.7 in August of 2021 from 45.4 in the previous month, and far above market expectations of 48.5. The reading pointed to the first expansion in the sector since April, and the strongest growth since February 2020, due to the pandemic continued to recede and vaccine access improved. New orders expanded at the fastest pace since January 2013, while output grew for first time in four months. Meanwhile, the rate of job shedding was marginal and the weakest since January. On the price front, input prices increased at the highest rate in four months, due to a faster rise in prices of fuel, retail and transport. As a result, output prices rose, despite the rate of inflation softened to the weakest since March and was only marginal. Looking ahead, business sentiment strengthened to a five-month high. source: Markit Economics
Services PMI in India averaged 50.28 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 September of 2021.
Services PMI in India is expected to be 51.00 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. 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.