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.