The IHS Markit India Services PMI declined to 54.6 in March of 2021 from 55.3 in the previous month, and slightly above market expectations of 54.5. The reading pointed to the sixth straight month of expansion in the sector, as both output and new orders continued to grow, despite the rate of expansion softened. External demand continued to worsen, with new orders from abroad decreasing for the thirteenth straight month. At the same time, the pace of job shedding accelerated, with backlogs of work rose for the tenth month running, but at the weakest pace since last June. On the price front, input cost inflation eased from February's eight-year high. Meanwhile, selling prices increased, amid efforts to protect margins given ongoing increases in input costs. Looking ahead, business sentiment was unchanged, amid the roll-out of COVID-19 vaccines underpinned positive expectations towards growth prospects. source: Markit Economics
Services PMI in India averaged 50.35 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 April of 2021.
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 50.80 points in 2022 and 51.20 points in 2023, according to our econometric models.