India virus covid-19 crisis shock India

Opinion | Long shadow

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The services PMI number came in at 12.6 for May, up from the historic low of 5.4 touched in April Our resumption of commercial activity has been fitful so far, be it manufacturing or services.

Consider IHS Markit’s Purchasing Managers’ Index for India’s services sector. The reading for May, at 12.6, is more than twice that of April’s 5.4, but this is no cause for cheer.

Any figure under 50 on this scale indicates a contraction of service orders placed. It’s clear that the partial easing last month of clamps imposed on the country to contain covid-19 has not caused a bounce-back, as a few optimists had hoped.

The country’s manufacturing PMI for May, released earlier, was at 30.8, registering only a slight uptick from the previous month.

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