The S&P Global India Services PMI increased to 59.2 in June 2022 from 58.9 in May, pointing to the strongest expansion in the sector since April 2011, due to further accelerations in growth of new business and output, amid ongoing improvements in demand conditions. The latest figure also marked the 11th straight month of growth in services activity, buoyed by a substantial pick-up in new business growth as demand strengthened to the best in over 11 years, following the reopening of the economy after COVID-19 lockdowns. Meanwhile, employment increased marginally, after a decline in May. On the price front, input price inflation continued to rise due to higher chemicals, food, petrol, retail and staff costs. Meanwhile, output cost inflation accelerated to a near five-year high, as companies sought to transfer part of their additional cost burdens to clients. Looking ahead, sentiment remained historically low as concerns lingered over inflationary pressures. source: Markit Economics
Services PMI in India averaged 50.74 points from 2012 until 2022, reaching an all time high of 59.20 points in June 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 July of 2022.
Services PMI in India is expected to be 54.00 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.