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India's GDP Growth Plunges To -23.9% In First Quarter Due To Covid-19 Pandemic, Worst Quarterly Contraction
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India, 31 Aug 2020 12:49 PM GMT | Updated 31 Aug 2020 12:55 PM GMT
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This is considered to be the worst contraction in the history of the Indian economy.
India reported the worst quarterly contraction on record, with 23.9 per cent fall in Gross Domestic Product (GDP) for the April-June quarter (Q1), as per provisional estimates released by the Ministry of Statistics and Programme Implementation (MoSPI) on Monday. The country has officially entered a phase of recession.
According to the media reports, the contraction is also the worst among G20 nations. Prior to this, the UK had reported the biggest slump in GDP among the world's top 20 economies with a 21.7% fall in the June quarter, its deepest contraction on record.
According to the Bloomberg report, India's GDP is estimated to have declined 18 per cent in the April-June quarter. Forecasts for GDP in the quarter through June varied from a contraction of 15 per cent to a fall of 25.9 per cent, with an estimate of -19.2 per cent, representing the worst performance since India started reporting quarterly data in 1996.
Earlier this month, State Bank of India (SBI) Eco wrap report estimated the country's GDP to contract by 16.5 per cent during the first quarter.
This is considered to be the worst contraction in the history of the Indian economy. The majority of this is attributed to the ongoing coronavirus pandemic. The central government on March 25 had ordered a complete lockdown of most of the employment generating sectors including manufacturing and service sectors.
The government exempted only people working for essential services such as food items and medicines as the country tried to curb the spread of the virus across the country.
However, the GDP for the preceding January-March quarter (Q4) of 2019-20 had witnessed a growth of 3.1 per cent, reported The Indian Express.
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