Anand Rathi: India Services PMI Still In Contraction Zone
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Anand Rathi Report
India’s services purchasing managers index (PMI) index increased to 41.8 in August 2020 from 34.2 in July 2020.
As in July 2020, India’s services PMI in August 20 was the lowest among the peers. Despite this major improvement, India’s services sector remains in the deep contraction zone.
India’s manufacturing PMI has entered in the growth zone while services is still contracting.
Globally too, manufacturing is recovering faster than services from pandemic-induced lows.
As compared to manufacturing, lockdown restrictions have been more severe for services activities such as hospitality, travel, entertainment, real estate leasing and even retail trade, non-Covid-19 healthcare, education and personal services.
The good news, however, is that after stalling in July 2020, India’s services PMI has jumped in August 20.
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