The S&P Global India Services PMI declined to 57.2 in January 2023 from December’s six-month high of 58.5, below market forecasts of 58.1, due to softer rises in output and new orders. Despite falling from December, the latest figure remained above its long-run average (53.5) and indicated a sharp rate of growth, amid favourable economic conditions, accommodative demand and marketing efforts supported sales. However, the rise in new orders was centred on the domestic market, as international orders declined. Meanwhile, the pace of job creation was little-changed, and the joint-weakest in the current eight-month sequence of expansion, with backlogs of work increasing further. On the pricing front, input cost inflation eased to a two-year low, while output cost inflation slowed to a ten-month low and below average seen since the survey started in December 2005. Looking ahead, business sentiment deteriorated to a six-month low amid forecasts no change in activity from current levels. source: Markit Economics

Services PMI in India averaged 51.04 points from 2012 until 2023, reaching an all time high of 59.20 points in June 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 February of 2023.

Services PMI in India is expected to be 56.20 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 52.00 points in 2024 and 52.10 points in 2025, according to our econometric models.

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India Services PMI



Related Last Previous Unit Reference
Services PMI 57.20 58.50 points Jan 2023
Manufacturing PMI 55.40 57.80 points Jan 2023
Composite PMI 57.50 59.40 points Jan 2023

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
57.20 58.50 59.20 5.40 2012 - 2023 points Monthly

News Stream
Indian Services Growth Eases in January
The S&P Global India Services PMI declined to 57.2 in January 2023 from December’s six-month high of 58.5, below market forecasts of 58.1, due to softer rises in output and new orders. Still, the latest figure remained above its long-run average (53.5) and indicated a sharp rate of growth, amid favourable economic conditions, accommodative demand and marketing efforts supported sales. However, the rise in new orders was centered on the domestic market, as international orders declined. Meanwhile, the pace of job creation was little-changed, and the joint-weakest in the current eight-month sequence of expansion, with backlogs of work increasing further. On the pricing front, input cost inflation eased to a two-year low, while output cost inflation slowed to a ten-month low and below average seen since the survey started in December 2005. Looking ahead, business sentiment deteriorated to a six-month low amid forecasts no change in activity from current levels.
2023-02-03
India Services Activity Grows the Most in 6 Months
The S&P Global India Services PMI increased to 58.5 in December 2022 from 56.4 in November, exceeding market forecasts of 55.5. The latest reading pointed to the strongest expansion in the services sector since June, supported by a faster rise in both new orders and output, amid favourable market conditions. Meanwhile, the pace of job creation was above its long-run average, but eased to a five-month low, with the backlogs of work rising at a faster pace. Regarding inflation, input cost inflation accelerated and was above its long-run average, amid higher prices for energy, food, transportation, and wage costs. Meanwhile, output cost inflation slowed, but remained solid and historically elevated. Finally, business confidence weakened slightly amid concerns over rising cost pressures.
2023-01-04
India Services Growth Strongest in 3 Months
The S&P Global India Services PMI was up to 56.4 in November 2022 from 55.1 in October, exceeding market forecasts of 55.4. The reading pointed to the strongest expansion in the services sector since August, supported by a sharp expansion in output and further job creation. New orders grew, with export orders rising for the first time since the onset of COVID-19 in early-2020. Meanwhile, employment rose at a solid pace that was among the fastest in over three years, with backlog of work rising at a slower pace. Regarding inflation, input cost inflation accelerated to the second-fastest since July, while output cost inflation rose the strongest since July 2017, as companies transferred part of their additional cost burdens on to consumers. Finally, business confidence improved.
2022-12-05