Covid-19 pulls India's service sector into contraction mode in March: PMI

India's services sector activity contracted during March as the COVID-19 pandemic dented demand, particularly in overseas markets, while public health measures aimed at stemming the outbreak curtailed discretionary spending, a monthly survey said on Monday.

The IHS Markit India Services Business Activity Index was at 49.3 in March, down from February's 85-month high of 57.5, as the new coronavirus pandemic pulled the service sector into contraction.

The headline figure fell by over 8 points, undoing the strong gains in growth momentum seen throughout 2019, the survey said.

In PMI parlance, a print above 50 means expansion, while a score below