A private survey that tracks India’s services activity recorded “an extreme decline” last month following a nationwide lockdown to curb the spread of the coronavirus.
The IHS Markit India Services Business Activity Index came in at 5.4 in April — markedly lower than a Reuters poll forecast of 40, and the previous month’s 49.3, according to a statement by IHS Markit. A reading above 50 indicates expansion, while below 50 represents contraction.
“According to panellists, activity fell severely as a result of the nationwide lockdown, leading businesses to shut down their operations as demand collapsed,” the statement read.
