Services Activity Shrinks: August 2020

Services activity in India contracted for the sixth consecutive month in August, but the pace of decline slowed as some firms gradually resumed operations with lockdown restrictions easing. The IHS Markit Services Purchasing Managers' Index moved up to 41.8 in August from July's 34.2, but remained below the 50-mark that separates growth from contraction.

India’s services sector including construction shrank 26.8% on-year in the quarter ended June, when the economy contracted 23.9%, the first contraction in four decades.

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