BusinessAt -23.9%, GDP Contracts At Its Steepest Pace On Record
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At -23.9%, GDP Contracts At Its Steepest Pace On Record
Worst GDP contraction since 1996, also worst among major Asian economies
Data on expected lines due to COVID restrictions: Chief Economic Adviser
Statistics office hints at revisions "in due course"
Manufacturing crashed 39.3% in the first quarter of current financial year
Monday's data marks the likely onset of India's deepest recession on record, which is widely expected to run through the second half of the fiscal year, as the rapid spread of the pandemic continues to weigh on demand, hindering a pickup in economic activity. Typically, recession is defined as two consecutive quarters of decreasing GDP.
Financial services - the biggest component of the country's services sector, shrank 5.3 per cen...