India's March services activity contracts amid coronavirus disruptions [Reuters]
IHS Markit Ltd. Common Shares (INFO)
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Source: Reuters
India's March services activity contracts amid coronavirus disruptions BENGALURU (Reuters) - India’s dominant services sector, the lifeblood for economic growth and jobs, contracted in March as new business and export demand fell sharply as the coronavirus pandemic wreaked havoc globally, a private survey showed. Prime Minister Narendra Modi ordered India’s 1.3 billion people to stay home and shut shops and business selling non-essential goods for 21 days from March 25 to try and contain the virus spreading, suggesting April’s downturn will be more severe. The Nikkei/IHS Markit Services Purchasing Managers’ Index INPMIS=ECI fell sharply to a five-month low of 49.3 in March from February’s seven-year high of 57.5, below the 50-mark separating growth from contraction for the first time since October. “Strong growth momentum seen so far in 2019 was halted in March as demand conditions deteriorated, particularly overseas, leading to a reduction in business activity,” Joe Hayes, economist
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