Indian economy contracts by 7.5% in Q2; enters first-ever 'technical recession'
Hyderabad, Nov. 28 -- With the lingering effects of COVID-19 induced lockdown still prevailing, India entered into an unprecedented 'technical recession' with its economy contracting 7.5 per cent in the July-September quarter (Q2), the National Statistical Office said on Friday.
However, the economy fared well in Q2 as the lockdown restrictions eased in comparison to Q1 when the contraction was a massive 23.9 per cent. The figures are also better than the anticipations of most rating agencies and analysts. While most had estimated a contraction of around 10 per cent, the Reserve Bank of India had projected an 8.6 per cent decline in the second quarter.
The Technical Recession is a culmination of the biggest ever contraction that occurre...
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