BUSINESS

Services sector activity shrinks for fifth month

India’s services sector activity remained in a deep slump in July as COVID-19-induced restrictions stifled demand and forced companies to cease operations and further reduce staff numbers, a monthly survey said on Wednesday.

The IHS Markit India Services Business Activity Index stood at 34.2 in July, slightly higher than 33.7 in June. Services sector activity contracted for the fifth successive month in July. A print above 50 means expansion and a score below that denotes contraction.

“With... a prolonged and significant downturn, any substantial recovery will take many months, if not years,” said Lewis Cooper, Economist, IHS Markit.

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