India logs sharpest GDP contraction
India’s economy shrank in the April-June quarter with the country’s largest drop on record due to stalled economic activities amid the coronavirus outbreak.
Government data released on Monday show that the economy contracted by 23.9 percent from the same period last year. This is the steepest contraction since India began releasing quarterly statistics in 1996.
India’s economy has been struggling since the country introduced one of the world’s toughest coronavirus lockdowns in March.
Its GDP figure for the quarter was the worst among Asian countries that have released data so far.
The government has been easing lockdown measures in phases since June. But still nearly 80,000 new cases are being confirmed on a daily basis in the country.
India’s economy is highly likely to contract this fiscal year.