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Covid-19 impact: India services PMI falls to lowest ever in April

India's services activity collapses as coronavirus palayses global economy -PMI

PMI services | Indian Economy | Coronavirus

Reuters  |  Bengaluru 

India's services activity suffered a shock collapse in April as the coronavirus lockdown crippled global demand, causing a historic spike in layoffs and reinforcing fears of a deep recession in Asia's third-largest economy, a private survey showed. The grim result for the industry, the engine of economic growth and jobs, underlined the pandemic's sweeping impact across India as authorities extended a nationwide lockdown, in effect since March 28, until May 17. The IHS Markit Services Purchasing Managers' Index plunged to an eye-popping 5.4 in April from March's ...

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First Published: Wed, May 06 2020. 10:47 IST