First economic contraction in 4 decades: India’s GDP shrinks 23.9% in Q1, FY21

Elvera Bartels

India’s gross domestic product (GDP) contracted 23.nine for each cent in the April-June quarter of 2020-21 from that in the very same quarter last money yr, confirmed formal info released by the Countrywide Data Business (NSO) on Monday. This was largely on account of restricted economic activity in the country in the course of the quarter amid lockdowns to manage the distribute of the coronavirus pandemic.

This is the very first occasion of an economic contraction for the country in at minimum 4 many years, and also the very first GDP decrease given that India started publishing quarterly figures in 1996. In the January-March quarter of this yr, the economic climate had developed by 3.1 for each cent yr-on-yr — the cheapest charge in more than 17 several years — and by five.two for each cent in the June quarter of 2019-twenty. The charge of India’s GDP expansion had

Read More