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Activity in India's dominant services industry contracted in May for the first time in eight months as strict lockdowns to curb the second wave of COVID-19 dampened demand, prompting firms to cut jobs at the fastest pace since October, a private survey showed.
Despite a recent slowdown in reported infections, the South Asian nation is still recording well over 100,000 cases and over 3,000 deaths per day, forcing most provinces to keep tight restrictions on business activity in place.
The Nikkei/IHS Markit Services Purchasing Managers' Index fell to a nine-month low of 46.4 in May from 54.0 in April, sliding
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