At 27.4, India's manufacturing activity falls to record low in April: PMI

PMI manufacturing plunged to 27.4 last month from March's 51.8, by far its lowest since the survey began in March 2005

India's manufacturing activity contracted at its sharpest pace on record in April as a lockdown to combat the rapid spread of the coronavirus led to a slump in demand and massive supply chain disruptions, a private sector survey showed on Monday.

Asia's third-largest economy is taking a huge hit from the ongoing nationwide lockdown, which started on March 25, and its gross domestic product is expected to shrink for the first time since the mid-1990s this quarter, a Reuters poll showed last month.

That was despite the government announcing a spending package of Rs 1.7 trillion ($22.4 billion) and a