The HSBC India Services PMI was up to 61.7 in April 2024 from a final 61.2 a month earlier, a flash reading showed. It was the 33rd straight month of growth in services activity and the steepest pace in three months, with a further rise in new orders adding pressure on the capacity of the service sector, as was the case in manufacturing activity. Companies also noted a quicker rate of new orders when compared with factory orders, linked to stronger demand from Africa, Asia, Australia, the Americas, Europe, and the Middle East. Simultaneously, service providers took on extra staff at a marginal pace that was softer than that in March. On prices, firms saw a slowdown in input cost inflation but the figure was steeper than in the manufacturing due to rising labor cost. At the same time, output charges rose at a softer rate. source: S&P Global

Services PMI in India increased to 61.70 points in April from 61.20 points in March of 2024. Services PMI in India averaged 51.98 points from 2012 until 2024, 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 April of 2024.

Services PMI in India increased to 61.70 points in April from 61.20 points in March of 2024. Services PMI in India is expected to be 56.00 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 52.10 points in 2025 and 54.00 points in 2026, according to our econometric models.



Related Last Previous Unit Reference
Business Confidence 130.30 135.40 points Mar 2024
Capacity Utilization 74.70 74.00 percent Dec 2023
Car Production 151538.00 171437.00 Units Feb 2024
Car Registrations 160306.00 168912.00 Units Feb 2024
Changes in Inventories 463.52 487.34 INR Billion Dec 2023
Composite Leading Indicator 99.81 99.74 points Mar 2024
HSBC Composite PMI 62.20 61.80 points Apr 2024
Corruption Index 39.00 40.00 Points Dec 2023
Corruption Rank 93.00 85.00 Dec 2023
Deposit Growth YoY 13.80 13.50 percent Apr 2024
Electricity Production 118704.67 128008.60 Gigawatt-hour Feb 2024
Industrial Production YoY 5.70 3.80 percent Feb 2024
Industrial Production Mom 0.59 7.87 percent Jan 2024
HSBC Manufacturing PMI 59.10 59.10 points Apr 2024
Manufacturing Production YoY 5.00 3.20 percent Feb 2024
Mining Production 5.88 5.20 percent Jan 2024
HSBC Services PMI 61.70 61.20 points Apr 2024
Steel Production 11800.00 12500.00 Thousand Tonnes Feb 2024
Passenger Vehicle Sales 317976.00 319519.00 Units Mar 2024

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
61.70 61.20 62.30 5.40 2012 - 2024 points Monthly

News Stream
India Services PMI Rises to 3-Month High
The HSBC India Services PMI was up to 61.7 in April 2024 from a final 61.2 a month earlier, a flash reading showed. It was the 33rd straight month of growth in services activity and the steepest pace in three months, with a further rise in new orders adding pressure on the capacity of the service sector, as was the case in manufacturing activity. Companies also noted a quicker rate of new orders when compared with factory orders, linked to stronger demand from Africa, Asia, Australia, the Americas, Europe, and the Middle East. Simultaneously, service providers took on extra staff at a marginal pace that was softer than that in March. On prices, firms saw a slowdown in input cost inflation but the figure was steeper than in the manufacturing due to rising labor cost. At the same time, output charges rose at a softer rate.
2024-04-23
India Services PMI Revised Upward
The HSBC India Services PMI was revised higher to 61.2 in March 2024 from preliminary estimates of 60.3 and after a final 60.6 in the previous month. It marked the 32nd straight month of growth in the services sector amid a sharp increase in business activity and was one the strongest rates since mid-2010, with new export orders rising the most since September 2014. Meantime, employment increased sharply and was the strongest since November 2022. On the price front, input price inflation accelerated and above its long-run average due to higher labor and material costs. Meanwhile, output cost inflation rose to its highest since July 2017. Lastly, business sentiment weakened to a four-month low amid concerns surrounding competitive pressures.
2024-04-04
India Services Sector Growth Remains Robust
The HSBC India Services PMI declined slightly to 60.3 in March 2024 from a final 60.6 in the previous month, pointing to the softest expansion since last December, preliminary reading showed. It also marked the 32nd straight month of growth in the services sector amid a sharp increase in business activity, with new export orders rising faster from the prior month. Meantime, employment increased at a moderate pace. On the price front, input price inflation rose to a seven-month high, while output cost inflation accelerated to an 80-month high. Lastly, business sentiment strengthened.
2024-03-21