The IHS Markit India Services PMI increased to 52.8 in January of 2021 from 52.3 in the previous month, but below market expectations of 53. The reading pointed to the fourth straight month of expansion in the services sector, as both output and new orders continued to grow. Output expanded due to marketing efforts, the reopening of some establishments and strengthening demand all supported the increase in sales. At the same time, the growth of total new orders was helped by ongoing price discounting strategies. At the same time, employment declined further, while exports contracted sharply. On the price front, input cost rose for the seventh straight month, due to higher prices of both fuel and materials. Meanwhile, selling prices continued to decline. Looking ahead, business sentiment improved to an 11-month high, supported by the launch of the COVID-19 vaccine program. source: Markit Economics
Services PMI in India averaged 50.27 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 February of 2021.
Services PMI in India is expected to be 53.20 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 52.60 in 12 months time. 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.