The S&P Global India Services PMI increased to 58.9 in May 2022, the highest since April 2011, from 57.9 in April. The latest figure also marked the 10th straight month of growth in services activity, buoyed by a substantial pick-up in new business growth as demand continued to recover following the reopening of the economy after COVID-19 lockdowns. Meanwhile, foreign demand declined in each month since the onset of the pandemic in March 2020 amid mounting global uncertainty from the war in Ukraine and persistent supply chain issues.. At the same time, employment fell marginally, with backlogs of work expanding for the 5th straight month and the fastest in a year. On the price front, input price inflation accelerated to the highest in 16-1/2 years on a higher food, fuel, labor, raw material, and transport costs. In turn, output cost inflation hit the second-highest in near five years. Looking ahead, sentiment remained subdued as concerns lingered over inflationary pressures. source: Markit Economics
Services PMI in India averaged 50.68 points from 2012 until 2022, reaching an all time high of 58.90 points in May of 2022 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 2022.
Services PMI in India is expected to be 56.00 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 51.20 points in 2023, according to our econometric models.