India's service sector recorded its largest month-to-month
contractions in business activity and new orders since data
collection began over 14 years ago in April, according to the
latest PMI data.
The IHS Markit India Services Business Activity Index was at 5.4 in April, a steep decline from 49.3 in March, the most severe contraction in services output since records began in December 2005.
The global shutdowns as part of the measures undertaken to stem the spread of coronavirus (COVID-19) were among the key factors that led to an unprecedented drop in both the output and demand.
Approximately 97 percent of survey respondents pointed out to a reduction in output, highlighting the widespread impact of the COVID-19 pandemic.