India Services PMI2012-2020 Data | 2021-2022 Forecast | Calendar | Historical

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.

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.

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.

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.