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.

Services PMI in India averaged 50.57 points from 2012 until 2020, 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 June of 2020. source: Markit Economics

Services PMI in India is expected to be 42.00 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 50.20 in 12 months time. In the long-term, the India Services PMI is projected to trend around 52.60 points in 2021 and 50.80 points in 2022, according to our econometric models.

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India Services PMI

Actual Previous Highest Lowest Dates Unit Frequency
12.60 5.40 57.50 5.40 2012 - 2020 points Monthly


News Stream
India Services PMI Second-Lowest on Record
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.
2020-06-03
India Services PMI Falls to Record Low
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.
2020-05-06
India Services Activity Shrinks for 1st Time in 5 Months
The IHS Markit India Services PMI declined to 49.3 in March 2020 from February's 85-month high of 57.5 and below market expectations of 52.5. The reading pointed to the first contraction in the services sector since October, as the coronavirus outbreak dented client demand, particularly in overseas markets, as discretionary spending was knocked by public health measures aimed at stemming the outbreak. Firms responded by reducing their workforces as intakes of new business were insufficient to maintain payroll numbers. That said, input costs rose at the slowest rate in six months as market prices for food and fuel were cut by suppliers. Finally, latest data showed firms were still optimistic that activity levels would rise over the next 12 months as the extreme measures to curb the spread of COVID-19 are lifted and global demand begins to recover. That said, the level of confidence dipped to a five-month low.
2020-04-06
India Service Sector Growth Strongest in 7 Years
The IHS Markit India Services PMI increased to 57.5 in February 2020 from 55.5 in the previous month, easily beating market expectations of 52.9. The latest reading pointed to the strongest pace of expansion in the sector since January 2013, as new orders rose at the second-fastest rate in over seven years boosted by a rebound in exports. Meanwhile, the rate of job creation slowed to a three-month low. On the price front, input cost inflation eased and output charges rose only modestly. Looking ahead, business sentiment strengthened on the back of projects in the pipeline, supportive market conditions, marketing efforts and the offering of new services.
2020-03-04

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.