India’s services sector activity contracted sharply during March as the coronavirus pandemic hit demand, particularly in the overseas markets, as discretionary spending was knocked by public health measures aimed at stemming the COVID-19 outbreak.
The IHS Markit India Services Business Activity Index plunged to 49.3 in March, down from February’s 85-month high of 57.5. The headline figure fell by over 8 points, undoing the strong gains in growth momentum seen throughout 2019 so far, the IHS Markit survey said. A reading below 50 indicates contraction.
“Having recorded the strongest rise in business activity for over seven years in February, latest survey data brought this to an abrupt end as services output in India declined in March,” IHS Markit said. According to firms, the outbreak of the coronavirus disease 2019 dented client demand.
‘Force majeure to not apply to virus death claims’
MUMBAI: Life Insurance Council, the apex body of the life insurance industry, on Monday announced all life insurers, both public and private, are committed to process any death claim pertaining to Covid-19.
The Council confirmed the clause of force majeure will not apply in the case of virus death claims. This step was taken to reassure customers who had reached out to various life insurers.
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