The IHS Markit India Services PMI increased to 34.2 in July 2020 from 33.7 in the previous month, but below market expectations of 38.8. However, it still pointed to the fourth-sharpest deterioration in services activity in nearly 15 years of data collection, amid the ongoing lockdown measures implemented to curb the COVID-19 pandemic. Both output and new orders continued to decline due to a further drop in sales. The latest decline in new export orders was steeper than that for total new business, but the least severe since March. Meantime, employment fell further to the fastest on record. On the price front, input costs accelerated for the first time since March amid reports of greater fuel and cargo costs alongside higher fees charged by suppliers, while output charge dropped, with the rate of deflation accelerating to a solid pace. Looking ahead, services companies outlook remains negative, amid lockdown measures and expectations of a severe economic recession.

Services PMI in India averaged 50.24 points from 2012 until 2020, 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 August of 2020. source: Markit Economics

Services PMI in India is expected to be 52.00 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 52.00 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.

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India Services PMI

Actual Previous Highest Lowest Dates Unit Frequency
34.20 33.70 57.50 5.40 2012 - 2020 points Monthly


News Stream
India Services Activity Shrinks More than Estimated
The IHS Markit India Services PMI increased to 34.2 in July 2020 from 33.7 in the previous month, but below market expectations of 38.8. However, it still pointed to the fourth-sharpest deterioration in services activity in nearly 15 years of data collection, amid the ongoing lockdown measures implemented to curb the COVID-19 pandemic. Both output and new orders continued to decline due to a further drop in sales. The latest decline in new export orders was steeper than that for total new business, but the least severe since March. Meantime, employment fell further to the fastest on record. On the price front, input costs accelerated for the first time since March amid reports of greater fuel and cargo costs alongside higher fees charged by suppliers, while output charge dropped, with the rate of deflation accelerating to a solid pace. Looking ahead, services companies outlook remains negative, amid lockdown measures and expectations of a severe economic recession.
2020-08-05
India Services PMI Third-Lowest on Record
The IHS Markit India Services PMI increased to 33.7 in June 2020 from the second-lowest reading of 12.6 in the previous month, and above market expectations of 22.3. However, it still pointed to the third-sharpest deterioration in services activity since the series began 14 years ago, amid the ongoing economic disruption caused by the coronavirus pandemic. New orders fell at a sharp pace, which firms attributed to reduced consumption habits and lower requirements at key clients and export sales collapsed due to travel restrictions. Also, employment declined further. On the price front, input cost inflation eased, while output charge fell modestly. Looking ahead, services companies became more pessimistic, amid of prolonged economic weakness domestically and overseas.
2020-07-03
India Services PMI Second-Lowest on Record
The IHS Markit India Services PMI increased to 12.6 in May 2020 from a record low of 5.4 in the previous month, far below market expectations of 23. The latest reading pointed to the second-sharpest deterioration in business activity since the series began 14 years ago, amid the ongoing national lockdown restrictions to help stem the spread of the pandemic. New orders and employment fell sharply and exports collapsed on an unprecedented scale once again. On the price front, input costs dropped at record pace, while output charge deflation eased. Looking ahead, business expectations slumped to their most negative since records began in December 2005 amid forecasts of prolonged economic weakness domestically and overseas.
2020-06-03
India Services PMI Falls to Record Low
The IHS Markit India Services PMI tumbled to 5.4 in April 2020 from 49.3 in the previous month, far below market expectations of 40.0. The latest reading pointed to the steepest month of contraction since the series began over 14 years ago, as measures to stem the spread of the coronavirus pandemic hit the economy. New orders fell at the sharpest rate since December 2005, as international sales fell across the entire survey panel in April, as signalled by the respective index falling to 0.0. Meanwhile, the rate of job shedding was a survey record. On the price front, both input costs and output charges fell the most on record. Looking ahead, business sentiment softened to the weakest since December 2015, due to expectations of a protracted decline in the economy.
2020-05-06

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.