India's economy likely suffered its largest quarterly slump on record, data is expected to show on Monday, as coronavirus-related lockdowns add to already-declining consumer demand and investment.
Economists in a Reuters poll predicted that gross domestic product in world's fifth-largest economy will contract by 18.3% in the June quarter, compared to 3.1% growth in the previous quarter, the worst performance in at least eight years. The same economists predict a contraction of 8.1% and 1.0% in the September and December quarters respectively, which would dash any hopes of an economic recovery this year. Continuing restrictions on transport, educational institutions and restaurants – and weekly lockdowns in some states – have hit manufacturing, services and retail sales, while keeping millions of workers out of jobs. #GDP #NirmalaSitharaman #PMModi
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