The IHS Markit India Services PMI increased to 49.8 in September 2020 from 41.8 in the previous month, easily beating market expectations of 44.7. The latest reading signaled a stabilization in the service sector output, due to the reopening of business units amid the loosening of coronavirus pandemic restrictions. New orders and new business from abroad dropped at the slowest pace for six months. At the same time, employment declined for the seventh month in a row and at a quicker rate than in August. On the price front, input cost inflation accelerated to a seven-month high, due to higher fuel, meat and vegetable prices. Meanwhile, output charge inflation was little-changed. Looking ahead, firms were upbeat about the year-ahead outlook for business activity for the first time since April.
Services PMI in India averaged 50.15 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 October of 2020. source: Markit Economics
Services PMI in India is expected to be 51.90 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 51.00 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.