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India enters recession: After nearly -24% contraction in Q1, it gets better but still -7.5 percent in Q2

India enters recession: After nearly -24% contraction in Q1, it gets better but still -7.5 percent in Q2

Submitted by • November 28, 2020 www.apnlive.com

The Gross Domestic Product (GDP) of India growth contracted by minus 7.5 percent in the July-September period of 2020-2021 as the economy rebounded after the steepest fall of -23.9 percent during the lockdown necessitated by the Covid-19 pandemic for April-June. However, the GDP growth reading for the second quarter is much better than the economists’ forecasts of -8.8 percent. With the economy’s GDP growth rate contracting in two quarters, it is said to have entered what is called a technical recession.

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