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.