The IHS Markit India Services PMI jumped to 55.5 in January 2020 from 53.3 in the previous month, easily beating market expectations of 52.4. The latest reading pointed to the strongest pace of expansion since January 2013, as new orders rose the most in seven years despite a decline in exports, due to a positive outcome from marketing efforts, while the rate of job creation was little-changed from December. On the price front, input cost inflation was the fastest in close to seven years amid reports of higher prices for beauty products, food, freight, fuel and maintenance; and selling prices rose the most since February 2018. Looking ahead, sentiment was similar to December's four-month high, remaining below its long-run average.
Services PMI in India averaged 51.38 points from 2012 until 2020, reaching an all time high of 57.50 points in January of 2013 and a record low of 44.60 points in September of 2013. 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. source: Markit Economics
Services PMI in India is expected to be 51.80 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 51.90 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.