India’s services business activity grinds to near complete halt due to nationwide Covid-19 shutdown ...United Arab Emirates

The IHS Markit India Services Business Activity Index plummeted at a historic rate during April, posting a shocking 5.4 points in comparison with the previous month’s 49.3. A reading below 50 on the scale represents contraction. According to the IHS Markit report, last month’s reading was an “extreme decline” and “the most severe contraction in services output since records began in December 2005.” Commenting on the data, Joe Hayes, economist at IHS Markit, said: “The Indian services economy posted its worst ever month-on-month drop in business activity during April. The extreme slide in the headline index, which fell by over 40 points

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