Singapore—India’s economic activity sank to its lowest in about 15 years as the Nikkei manufacturing Purchasing Managers’ Index, or PMI, contracted to 27.4 in April from 51.8 in March. The April result "pointed to the sharpest deterioration in business conditions across the sector since data collection began over 15 years ago," said IHS Markit. The sharp contraction was reflected in April reports from India's steel industry.
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