adminIndia reported its steepest fall in headline GDP numbers in 40 years by reporting 23,9 percent contraction in the April-June quarter over the same quarter last year, according to the data shared by the country’s National Statistical Office on Monday.
The combined Index of eight core industries stood at 119,9 in July 2020, which declined by 9,6 (provisional) percent as compared to the corresponding month last year while the cumulative growth during the five-month period from April to July declined by 20,5 percent. The contraction is a fall-out of the Covid-19 led lockdown in the country as India ranks third after the United States and Brazil for the total number of Covid-19 cases.
The GDP contraction numbers are much worse than expected and clearly shows the economic recovery expectations are slower than believed. — fin24.com.
Online Reporter