Page 36 - FIPI - Policy & Economic Report May 2026

POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

Unlike the Manufacturing PMI, which is a mathematically weighted combination of five distinct sub-
indices (such as New Orders at 30% and Output at 25%), the headline Services PMI does not use a fixed
internal sub-indicator weightage system. Instead, the headline Services PMI is derived directly from a
single survey question sent to corporate executives asking how their actual business volume/activity
compares to the previous month.

The service sectors covered by the S&P Global for calculating PMI are given in table below: -

Source: S&P Page | 35

May 2026