Economic Buzz: Indian Economy Enters Recession

Economic Buzz: Indian Economy Enters Recession

Nov 28, 2020 06:11 IST capital market

Indias gross domestic product fell 7.5 percent year-on-year, data from the statistics ministry showed on Friday. The pace of decline was much slower than the record 23.9 percent contraction in the June quarter as lockdown restrictions were relaxed in the June quarter. The economy entered a technical recession due to the impact of the harsh lockdown imposed to curb the spread of the coronavirus, or Covid-19, pandemic. With GDP falling in two consecutive quarters, the economy entered a technical recession for the first time ever. In the same quarter last year, the economy grew 4.4 percent.

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