Coronavirus effect: Indian services economy falls by over 40 points, PMI at 5.4

01:15:00 PM, Wednesday 6th of May 2020 | in business

According to a private survey, India's services collapsed in April with the coronavirus-led lockdown making the sector come to a complete standstill. The IHS Markit Services Purchasing Managers' Index plunged to 5.4 in April from 49.3 in March. The headline index fell by over 40 points. Hayes said: "Historical comparisons with GDP data suggest that India's economy contracted at an annual rate of 15% in April.”