Service sector activity has intensified following the relaxation of lockdown in India. Please tell that there has been improvement in the service sector in the month of June. To prevent the spread of Coronavirus infection, the service PMI of the country has been better than before due to relaxation in the applicable lockdown. Services PMI of India has come down to 33.7 in the month of June. Earlier in May it was at the level of 12.6. Composite PMI has also improved compared to before. It has come down to 37.8 in June. Earlier in May it was at 14.8 level.
Earlier due to the stringent lockdown, there was a huge decline in the activities of the services sector of the country in April. The service PMI fell to 5.4 in April. The increase in PMI by more than 50, while the figure below shows the contraction. The services PMI of the country may have improved in the month of May as compared to May, but this figure shows a huge decline in the service sector of the country. The service PMI came down to 33.7 as compared to 12.6 in May, but the figure would still have to go above 50 to move from contraction to growth.
June is the fourth consecutive month when the services PMI of the country has reached below 50 levels. This is the longest period of contraction in the country's service sector after 2014. Prior to this, in April 2014, the services PMI was below 50 for ten consecutive months. The same, according to a Reuters report, IHS Market economist Joe Hayes said, "India's service sector continues to struggle in June. This has happened due to the escalation of the Coronavirus crisis in the country. He further said that simply put, the country is in the grip of an unprecedented economic recession. If the rate of infection is not controlled, then surely this recession is going to happen by the second half of this year.
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