Service activity contracts again in May, PMI at 12.6

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Business activity across India’s service sector continued to contract in May as Covid-19 led shutdowns impaired business operations, restricted consumer footfall and led to a demand collapse along with job cuts. The IHS Markit India Services Business Activity Index was 12.6 in May, up from April’s record low of 5.4.

A reading above 50 on the index indicates expansion while lower than…