India’s services sector activities slump at fastest rate in 11 months in June: PMI
The Hindu
The seasonally adjusted India Services Business Activity Index fell from 46.4 in May to 41.2 in June.
India’s services sector activities contracted further in June as the intensification of the crisis and reintroduction of containment measures restricted demand, a monthly survey said on Monday. The seasonally adjusted India Services Business Activity Index fell from 46.4 in May to 41.2 in June, as new work intakes and output contracted at the fastest rates since July 2020, which prompted companies to reduce employment again. Subdued demand conditions resulted in a second successive monthly drop in new business received by services firms. The pace of contraction was sharp and the quickest since July 2020, the survey said.
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