The S&P Global India Services PMI unexpectedly rose to 62.3 in July 2023 from June's three-month low of 58.5, exceeding market forecasts of 58, pointing to the highest expansion in over 13 years, boosted by rises in new orders, mainly in international sales. The new export business grew the most since the series began in September 2014, with Bangladesh, Nepal, Sri Lanka, and the UAE being the key sources of growth. Meanwhile, employment increased slightly, with the rate of job creation at the same pace as in the prior two months. On the pricing front, input cost inflation accelerated to a 13-month high due to higher food, labor, and transportation costs. Meanwhile, output cost inflation eased to the softest in three months amid efforts aimed at preventing any negative impact on new business. Lastly, business sentiment weakened from June's six-month high amid concerns about extreme weather. source: Markit Economics

Services PMI in India averaged 51.44 points from 2012 until 2023, reaching an all time high of 62.30 points in July of 2023 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 August of 2023.

Services PMI in India is expected to be 57.00 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the India Services PMI is projected to trend around 52.00 points in 2024 and 52.10 points in 2025, according to our econometric models.

Ok
The Trading Economics Application Programming Interface (API) provides direct access to our data. It allows API clients to download millions of rows of historical data, to query our real-time economic calendar, subscribe to updates and receive quotes for currencies, commodities, stocks and bonds.

API Features Documentation Interested? Click here to contact us
Please Paste this Code in your Website
Width
Height
 Preview

India Services PMI



Related Last Previous Unit Reference
Services PMI 62.30 58.50 points Jul 2023
Manufacturing PMI 57.70 57.80 points Jul 2023
Composite PMI 61.90 59.40 points Jul 2023

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.
Actual Previous Highest Lowest Dates Unit Frequency
62.30 58.50 62.30 5.40 2012 - 2023 points Monthly

News Stream
India Service Sector Growth Strongest in Over 13 Years
The S&P Global India Services PMI unexpectedly rose to 62.3 in July 2023 from June's three-month low of 58.5, exceeding market forecasts of 58, pointing to the highest expansion in over 13 years, boosted by rises in new orders, mainly in international sales. The new export business grew the most since the series began in September 2014, with Bangladesh, Nepal, Sri Lanka, and the UAE being the key sources of growth. Meanwhile, employment increased slightly, with the rate of job creation at the same pace as in the prior two months. On the pricing front, input cost inflation accelerated to a 13-month high due to higher food, labor, and transportation costs. Meanwhile, output cost inflation eased to the softest in three months amid efforts aimed at preventing any negative impact on new business. Lastly, business sentiment weakened from June's six-month high amid concerns about extreme weather.
2023-08-03
India Service Sector Growth Below Forecasts
The S&P Global India Services PMI declined to 58.5 in June 2023 from 61.2 in May, below market forecasts of 60,2, pointing to the slowest expansion in three months. The latest reading also marked the 23rd straight of growth in the sector supported by a stronger increase in new business and further job creation. The new export business grew for the fifth successive month, but modestly and slower than in May. Meanwhile, employment continued to increase, with the rate of job creation being slight and the joint-fastest in six months. On the pricing front, input cost inflation eased while output cost inflation rose to the sharpest pace in a nearly six-year high, due to higher staff costs. Looking ahead, business sentiment improved amid predictions of further demand strength and favorable market conditions.
2023-07-05
India Service Activity Growth Beats Estimates
The S&P Global India Services PMI was at 61.2 in May 2023, compared to market forecasts of 60, and after April's near 13-year high of 62. The latest reading pointed to the second-fastest pace of expansion in just under 13 years, as output rose at the second-quickest pace since July 2010, supported by the sustained growth of new business in the face of positive demand trends. The new export business grew for the 4th successive month. Moreover, the pace of expansion was solid and the fastest in the calendar year to date. Employment climbed at a slight rate that was nonetheless the quickest in 2023 so far, with the rate of backlog accumulation being marginal and equal to April. On the pricing front, input cost inflation accelerated to a five-month high due to higher costs of food, transportation, and wages. Meanwhile, output cost inflation rose to the joint-strongest in close to six years. Looking ahead, business sentiment weakened slightly amid some concerns about competitive pressures.
2023-06-05