India's Services Sector Witnesses Largest Month On Month Contraction

India's service sector activity witnessed its largest month-to-month contractions in business activity since data collection began over 14 years ago in April. The IHS Markit India Services Business Activity Index fell to at 5.4 in April, a steep decline from 49.3 in March, the most severe contraction in services output since records began in December 2005. The global shutdowns as part of the measures undertaken to stem the spread of COVID-19 were among the key factors that led to an unprecedented drop in both the output and demand. Approximately 97% of survey respondents pointed out to a reduction in output, highlighting the widespread impact of the COVID-19 pandemic.

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