India Services PMI

Last Release

Jul 31, 2024

Actual

60.3

Units In

Points

60.5

Frequency

Monthly

Next Release

N/A

Time to Release

N/A

Highest	Lowest	Average	Date Range	Source
62.3 Jul 2023	5.4 Apr 2020	52.14 Points	2012-2024	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 HSBC India Services PMI was revised higher to 58.5 in October 2024 from a flash estimate of 57.9, following a final reading of 57.7 in September, which was the lowest in over a year. It marked the 39th consecutive month of expansion in services activity, and faster than expectations of 58.3, driven by robust sales and strong demand conditions. Sales grew beyond September's ten-month low, highlighting a recovery in the growth of foreign sales. Employment increased to the greatest degree in 26 months due to improvement in new business. On prices, input cost inflation accelerated to a three-month high, driven by higher food and wage costs. However, the overall rate of inflation remained below its long-run average. Meanwhile, output cost inflation rose to a three-month high, and outpaced the series trend as companies shared part of their additional cost burdens with clients. Finally, business sentiment remained positive, despite receding a little from September.