Lock-down Effect -PMI was at 49.3 in March. Big drop in Composite PMI too.|| Latest Economy news.

Recent Economy Updates
The service sector, which contributes the most to GDP stalled at a PMI of 5.4. 

Up to 50 means growth and the figure below 50 shows a downfall in the market. 

➽The Service Sector, called the backbone of the Indian economy, has witnessed a sharp decline due to the lock-down from Corona. The India Services Business Activity Index fell to a massive 5.4 in April, 2020. In March it was recorded at 49.3. 

➽Meanwhile, the composite PMI output index has come down to 7.2. This is the biggest decline in overall economic activity since the beginning of record-keeping since December 2005. The Composite PMI Output Index expresses the pace of activities in both the manufacturing and service sectors.

  

In Todays Financial News it was mentioned that after April 2000, the highest number of FDI came in the Service Sector. 
➽In India from April 2000 to December 2019, the maximum number of FDI has come in the service sector. During this period, $ 8067 million worth of funds have come in this sector.

➽Trade, hotel, restaurant, transport, storage, communication, financing, insurance, business services, healthcare, IT services Etc. Come under the purview of this sector.

➽The contribution of the service sector to India's economy has been around 55% in 2018-2019. About 33 percent of India's working population is employed in the service sector