Lockdown pulls India’s service sector activity to standstill in Apr; PMI hits record low

India’s service sector activity plummeted to a historic low in April, as strict restrictions on the movement of citizens and business shutdowns led the sector to a complete standstill, a monthly survey said on Wednesday. The IHS Markit India Services Business Activity Index stood at 5.4 in April, an extreme decline from 49.3 in March, and indicative of the most severe contraction in services output since records began in December 2005. As per the IHS Markit India Services Purchasing Managers’ Index (PMI), a print above 50 means expansion, while a score below that denotes contraction.

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