India’s services activity shrinks again in July

BENGALURU: Activity in India’s dominant services industry shrank for a third consecutive month in July as restrictions to control the coronavirus pandemic hit demand, with companies turning the most pessimistic in a year, a private survey showed yesterday.

Restrictions imposed by local governments to curb the devastating second wave of Covid-19 were relaxed over the past few months following a drop in infection rates, but the threat of a third wave has cast a shadow over the already weak economic outlook.