India's Factory Slump Deepened In May As Lockdown Hit Demand: Survey

India's factory activity contracted sharply in May following a historic decline in April as a government-imposed lockdown to control the coronavirus hammered demand, a survey showed, leading firms to cut jobs at the fastest pace on record. Asia's third-largest economy will contract this quarter for the first time since the mid-1990s, a May Reuters poll found, having expanded 3.1 per cent last quarter, its weakest annual pace in at le...