Workers at a factory in India. - Filepic
NEW DELHI: India’s dominant services industries crashed last month, signalling a massive contraction in the economy during the strict stay-at-home restrictions.
The services purchasing managers index plunged by 43.9 points to 5.4 in April, the lowest in the world, hitting single digits for the first time and staying below 50, the dividing line between contraction and expansion, according to data published yesterday by IHS Markit. The services sector makes up more than half of India’s gross domestic product.
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