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.