India's services fall in historic slump, threaten deep recession
Posted on AllSides May 6th, 2020
From The Left
Activity in India's services sector crashed at a record-breaking rate in April, raising fears of a double-digit slump in its economy as the country grapples with a widespread lockdown to curb the spread of the coronavirus.
The country's purchasing managers' index (PMI) for services plunged to just 5.4 points in April, down from 43.9 points from March's reading and its lowest reading in more than 14 years since the survey began, according to data released by IHS Markit on Wednesday.