India's services activity stayed in deep contraction in June: PMI

India's crippled services industry, the lifeblood of economic growth and jobs, contracted sharply in June as an extended lockdown imposed to stop the spread of the coronavirus stalled business activity, a private sector survey showed.

Although the pace of decline moderated from May - the Nikkei/IHS Markit Services Purchasing Managers' Index jumped to 33.7 in June from May's 12.6 - it remained a long way from the 50-mark separating growth from contraction.

June was the fourth straight month the index was sub-50, the longest such stretch since a ten-month run to April 2014.