The worst may be behind us insofar as the direct health impact of the covid-19 pandemic is concerned, but the disease’s ugly economic effects are only just beginning to manifest.
India’s latest services Purchasing Managers’ Index (PMI) shows activity in the sector has shriveled, with the index plummeting to 5.4 in April from 49.3 in March.
A reading below 50 indicates a contraction. This is the biggest contraction on record and bodes poorly for the economy since the services sector contributes about three-fifths of the national gross domestic product.
While the sector seems to have already ground to a literal halt, there may be more pain in store as cases of covid-19 still are rising, which would come in the way of any meaningful
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