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.

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India Services PMI



Related Last Previous Unit Reference
Services PMI 58.90 57.90 points May 2022
Manufacturing PMI 54.60 54.70 points May 2022
Composite PMI 58.30 57.60 points May 2022

India Services PMI
The IHS Markit India Services PMI (Purchasing Managers' Index) is based on data compiled from monthly replies to questionnaires sent to purchasing executives in around 350 private service sector companies. The index tracks variables such as sales, employment, inventories and prices. A reading above 50 indicates that the services sector is generally expanding; below 50 indicates that it is generally declining.
Actual Previous Highest Lowest Dates Unit Frequency
58.90 57.90 58.90 5.40 2012 - 2022 points Monthly

News Stream
India Services Growth Strongest in Over 11 Years
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.
2022-06-03
India Services PMI Rises to 5-Month High
The S&P Global India Services PMI increased to 57.9 in April 2022 from 53.6 in March, pointing to the highest reading since last November, due to the relaxation of COVID-19 restrictions. Both output and new order growth accelerated to a five-month high, boosted by robust domestic demand, while employment increased for the first time in five months. Those firms that on extra staff linked the rise to ongoing growth of new business. However, export orders fell at the quickest since last September, amid mounting global uncertainty from the war in Ukraine and persistent supply chain issues. On the price front, input price inflation accelerated to the second-strongest since data began in December 2005, on a higher chemical, fuel, raw material, and retail costs. Meanwhile, output cost inflation accelerated to the fastest rate since July 2017. Looking ahead, business sentiment weakened amid concerns inflationary pressures.
2022-05-05
India Services Growth at 3-Month High
The S&P Global India Services PMI increased to 53.6 in March 2022 from 51.8 in February, pointing to the highest reading since last December and beating market consensus of 52.5, due to the relaxation of COVID-19 restrictions. Output growth accelerated, while new orders expanded solidly, which was above trend and the fastest pace this year so far, boosted by robust domestic demand. However, new export orders fell the most in six months, amid mounting global uncertainty from the war in Ukraine and persistent supply chain issues. Also, employment declined for the fourth-month running, despite the rate of contraction easing. On the price front, input price inflation accelerated to the highest since March 2011, on a higher chemical, fuel, raw material, retail, transportation and vegetable prices. Meanwhile, output cost inflation moderated and broadly in line with its long-run average. Looking ahead, business sentiment remained subdued linked to inflation concerns.
2022-04-06