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The IHS Markit India Services PMI rose to 52.7 in November 2019 from 49.2 a month earlier, easily beating market expectations of 49.8. New business growth picked up to a four-month high, with export sales advancing for the ninth month in a row, and employment rose the most in three months. On the price front, input cost inflation accelerated to a 13-month high, amid reports of higher food, fuel, and medicine cost. Meanwhile, average prices charged increased the least since July. Lastly, confidence weakened to its highest in three months, supported by marketing initiatives, lower lending rates and favorable state policies.

The IHS Markit India Services PMI rose to 49.2 in October 2019 from 48.7 in a month earlier and compared to market expectations of 49.1. New business stabilised following contraction in September, with export sales rising the least in four months and job creation moderating. Meanwhile, pending client payments caused a renewed increase in outstanding business. The rise in backlogs was marginal, but contrasted with depletion in September. On the price front, input price inflation accelerated to a year high, amid reports of higher freight, fuel, material, vegetable and staff cost. As a result, average prices charged increased modestly. Lastly, confidence weakened to its lowest in near three years, due to concerns over challenging economic conditions.

The IHS Markit India Services PMI plunged to 48.7 in September 2019 from 52.4 in the prior month and well below market expectations of 52.1. The latest reading pointed to steepest pace of contraction since February 2018, as new orders fell for the first time in one-and-a-half years and employment growth softened to the slowest since June, while backlogs fell for the first time in 40 months. On the price front, input cost inflation was the weakest in over two-and-a-half years, while output price inflation was moderate and little-changed from August. Looking ahead, sentiment deteriorated to a 31-month low.

The IHS Markit India Services PMI dropped to 52.4 in August 2019 from 53.8 in the previous month, but beating market consensus of 51.9. The latest reading pointed to the second straight month of expansion in the service sector, amid sustained increases in activity, sales and employment. On the price front, input prices continued to increase, boosted by higher food, fuel and staff costs, while the rate of charge inflation quickened to a 17-month high. Finally, business sentiment picked up to a one-year high, amid supportive public policies and predictions of better demand.

The IHS Markit India Services PMI jumped to 53.8 in July 2019, easily beating market consensus of 50.4 and pointing to the quickest increase in output in one year, amid a promising government budget and strengthening demand. New business inflows rose the most since October 2016, with new export work increasing the most since at least September 2014, and employment growth was the strongest in nearly eight-and-a-half years. Meanwhile, unfinished business across the Indian service sector increased the least in 2019 so far. On the price front, input cost inflation rose to a five-month high, due to fuel and raw material prices. Still, the overall rate of inflation remained modest and below the historical average. Meantime, the overall rate of charge inflation was marginal and the joint-slowest in five months. Lastly, confidence strengthened from June's four-month low, as concerns about uncertain public policies have diminished.

The IHS Markit India Services PMI fell unexpectedly to 49.6 in June 2019 from 50.2 in May, missing market forecasts of 50.4. That pointed to the first contraction in services activity since May 2018 when the reading was also at 49.6. New orders were broadly stagnant amid competitive pressures and weak underlying demand. Meanwhile, foreign sales rose for the fourth straight month, albeit at a slower pace, and employment growth slowed to a 22-month low. Unfinished business continued to rise, which panel members linked to delayed client payments. On the price front, despite accelerating from May's 28-month low, overall rate of input cost inflation was negligible and below the average over the survey history. Selling prices rose further, but the rate of charge inflation was marginal, holding close to May's three-month low and remaining below its long-run trend. Finally, confidence weakened to a four-month low, though remained positive.