Toggle navigation IHS Markit is a world leader in critical information, analytics and solutions for the major industries and markets. Covid-hit service sector sees sharper declines in sales, output: IHS Markit ANI | Updated: Jul 05, 2021 10:52 IST New work intakes and output contracted at the fastest rates since July 2020 which prompted companies to reduce employment again. Business sentiment took another hit with panellists neutral in their assessments of output forecasts for the year ahead. Registering 41.2 in June, the seasonally adjusted India Services Business Activity Index highlighted a further contraction in output. Moreover, falling from 46.4 in May, the latest reading pointed to the fastest rate of reduction since July 2020. Monitored companies commonly indicated that intensification of Covid-19 crisis and tight restrictions curbed demand for services.