India Services PMI

Last Release

Apr 30, 2023

Actual

Units In

Points

57.8

Frequency

Monthly

Next Release

N/A

Time to Release

N/A

Highest	Lowest	Average	Date Range	Source
62 Apr 2023	5.4 Apr 2020	51.24 Points	2012-2023	Markit Economics

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.

Latest Updates

The S&P Global India Services PMI increased to 62.0 in April 2023 from 57.8 in the previous month, beating market forecasts of 57. The latest reading pointed to the strongest expansion in the sector since June 2010. Both output and new orders rose fastest since June 2010, with export business gaining for the third month and advancing the most in the sequence. Also, employment grew for the 11th consecutive period, although only marginally. On the pricing front, input cost inflation accelerated to a three-month high from a 2-1/2-year low in March due to higher costs of food, fuel, medicine, transportation, and wages. Meanwhile, output cost inflation was the highest in this year. Looking ahead, business sentiment improved, driven by marketing efforts, plans to price competitively, and an increased focus on customer relations.