PMI seems to be a good, although not perfect, indicator of a country’s current economic condition. The PMI is timelier than official gross domestic product (GDP) data, which are released with a longer delay. The PMI therefore is widely used to assess and forecast the economy and, hence, influences financial markets, including the stock market.
Above picture shows how correlated the GDP and PMI data. It is widely expected that current dip in Nikkei services PMI index will have impact on the GDP in the short run.
Recently Services PMI in India decreased to 46.70 Index Points in November from 54.50 Index Points in October of 2016(Demonetization Effect). Services PMI in India averaged 51.60 Index Points from 2012 until 2016, reaching an all time high of 57.50 Index Points in January of 2013 and a record low of 44.60 Index Points in September of 2013. Services PMI in India is reported by Markit Economics.