The IHS Markit India Services PMI declined to 41.2 in June of 2021 from 46.4 in the previous month, and far below market expectations of 48. The reading pointed to the second straight month of contraction in the sector and the fastest pace of contraction since July 2020, amid a resurgence of COVID-19 cases. Both output and new orders fell at the fastest pace since July 2020, due to the reintroduction of restrictions to contain the spread of the coronavirus. External demand continued to worsen, with the new exports orders falling for the sixteenth consecutive month, with the pace of contraction remained sharp,
despite easing from May. At the same time, employment declined for the seventh straight month and the fastest over this period. On the price front, input cost inflation eased to five-month low. As a result, selling prices continued to rise. Looking ahead, business sentiment weakened to the lowest since last August, due to the escalation of the pandemic. 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 August of 2021.
Services PMI in India is expected to be 51.00 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 53.00 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.