The IHS Markit India Services PMI declined to 52.3 in December 2020 from 53.7 in the previous month, and below market expectations of 54. The reading pointed to the third straight month of expansion in the services sector, but the weakest rate in the current sequence, as both output and new orders growth eased to three-month lows, due to the negative impact of COVID-19 on demand. Meanwhile, employment fell, after increasing in the previous month. On the price front, input cost inflation accelerated to the fastest pace since February, due to higher prices for a number of items, including cleaning products and fuel. Meanwhile, selling prices declined, as some firms sought to beat competition and secure new work. Looking ahead, business sentiment weakened, as optimism was curbed by uncertainty surrounding the COVID-19 pandemic, rupee depreciation and inflationary pressures. source: Markit Economics
Services PMI in India averaged 50.24 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 January of 2021.
Services PMI in India is expected to be 53.20 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 52.60 in 12 months time. In the long-term, the India Services PMI is projected to trend around 50.80 points in 2022, according to our econometric models.