India implemented strict lockdown measures in late-March, most of which remained in place until the end of May.
, far below an industry forecast of around 40. Readings above 50 indicate expansion while those below that level represent contraction.
IHS Markit pointed to India's auto sector in a separate note this month. Production was largely shut in April before lockdown conditions started to be gradually eased. Citing the Society of Indian Automobile Manufacturers, the note pointed out the daily turnover lost for the auto manufacturing sector for each day of closure was around $300 million per day.One of India's most lucrative assets is its large consumer base.
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